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China accelerated individual tax reform in October, when new tax brackets were introduced. The minimum threshold for individual income tax was raised from 3,500 yuan (9) to 5,000 yuan per month.

China also hopes to work together with Germany to tackle global issues such as climate change, water pollution, urban development and traffic congestion, as well as develop new manufacturing methods, he added.

China Petroleum and Chemical Corporation, a trading subsidiary of the group, said the international upward trend of oil price in the first six months significantly boosted the company's upstream business, while its midstream and downstream operations upgraded structure to ride the wave of the favorable market situation.

China Telecommunications Corp started the ball rolling when it became the first carrier to map out NB-IoT technology.

China and the PSCs have also strengthened their high-level visits in the past 15 years. China established a comprehensive strategic partnership with Portugal and Brazil in 2005 and 2012 respectively, and resumed its diplomatic relationship with Sao Tome and Principe in 2016.