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China's business environment showed one of the strongest improvements worldwide in the 12 months ending May 1 thanks to its robust reform agenda, according to the World Bank Group's Doing Business 2020 study in late October.

China's Ambassador to the UK Liu Xiaoming received the Freedom of the City of London on Monday, a title of privilege that dates back to the 13th century.

China's answer is clear: We remain committed to further opening up. This commitment boosts confidence in robust economic growth.

China will establish systems to subject such violators to more severe punishment, including hefty fines and compensation for consumers, Zhang Mao, minister in charge of the State Administration for Market Regulation, said. Violators will have all fake or substandard products identified, confiscated and destroyed, he said.

China's Cabinet-level financial regulatory body is urging support for the country's economic recovery, accelerating the reform of small and medium-sized commercial banks, and cracking down on financial fraud in the capital market, the State Council's website reported on Monday.