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BEIJING, June 6 (Xinhua) -- China will continue to cut excess production capacity, but will rely on market forces, not government-set targets, to do so, Finance Minister Lou Jiwei said on Monday, as an annual high-level dialogue between China and United States kicked off.

Rama said there was great potential in practical cooperation with China and Albania was willing to work with China to enhance the economy, trade, tourism, and cultural exchange and cooperation. Rama welcomed China to invest in Albania in such areas as infrastructure projects.

Since winning the election, Duterte has made a series of overtures on China-Philippines relations, signaling that improvement of relations with China would be a foreign policy priority of his government, in sharp contrast to the wrong foreign policy pursued by the former government.

Economic Governance

China has refused to participate in the proceedings, reiterating that the tribunal has no jurisdiction over the case, which is in essence related to territorial sovereignty and maritime delimitation.