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China is also currently engaged in free trade zone talks with Australia and six Gulf nations, and it has nearly completed negotiations on free trade agreements with Iceland and Switzerland.

She said preparations for the summit "are at an advanced stage" and South Africa would work hard to ensure its success.

The investment default has sparked concerns on risk control of the country's fast-expanding asset management market. The China Banking Regulatory Commission has held a meeting alerting banks of the potential risks.

NPC deputies will elect new president and vice president, decide on a new premier, vice premiers and cabinet, as well as deliberate a government institutional reform plan.

The observatory has advised residents to take measures to prepare for the upcoming snow and cold snap.