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China's steel mills don't have the margins to pay for elevated iron ore prices for too long, he said.
China's process of opening-up would leap forward with the introduction of free ports, said Wei, who is a former vice-minister of commerce.
Chinese Foreign Minister Wang Yi (6th L) attends the signing ceremony of the amended version of the Memorandum of Understanding on Establishing China-ASEAN Center in Manila, the Philippines, Aug 6, 2017. [Photo/Xinhua]
China's services trade boasts even greater growth potential. The value of China's services trade stood at 3.4 billion last year, accounting for about 5 percent of the country's GDP.
China, the world's most populous country, has been one of the main drivers and beneficiaries of globalization. Since the country started its reform and opening up in 1978, the Chinese economy has transformed and 500 million Chinese people, according to the World Trade Organization (WTO), have been lifted out of poverty.
来源：资阳报