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China has been the board's largest investment destination outside the US in terms of public relations, advertising and consumer education, said Waycott. Last year, it started to work with Chinese retail brands including California Field, Be & Cheery and Qiaqia, and will extend its cooperation to Bestore and Tongnianji in 2017.

China has collected the pollutant discharge fee since 1979. In 2015, the government collected 17.3 billion yuan (.6 billion) from about 280,000 businesses, according to the Ministry of Finance. However, some local governments took advantage of loopholes and exempted some large enterprises that had contributed large amounts to local fiscal revenues.

China has on many occasions called for attentions to the diversity and difference in development levels of the economies in the region in a bid to avoid fragmental and exclusive deals.

China has been sharpening its efforts to optimize the structure of steel production. The country plans to cut ineffective steel capacity of about 30 million metric tons this year, according to the Government Work Report available to media on Monday. In the past five years, more than 170 million tons of steel capacity have been slashed according to the report.

China has launched a series of reforms to rejuvenate its large SOEs, including changing their shareholding structure, spinning off non-core assets and calling for more innovation.