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China is the company's fastest-growing market outside of the United States in terms of store count and the acquisition builds on the company's ongoing investment in the country.

China is to ramp up its efforts to rein in unwanted steel output, especially that which is substandard and polluting, in order to contain risks from excess capacity and promote high-quality development in the steel industry, key industry officials said during the China Iron and Steel Association's annual midyear convention on Monday.

China is expected to continue to be the most important market for BMW's latest models, as it has been for the past few years. The group is planning to introduce 25 models in China this year alone, one of the largest product offensives in BMW's history.

China is an important trading partner for Britain, especially when it's leaving the European Union, and May's visit is to reinforce the" golden era" for bilateral relations, said Chen Fengying, a senior world economy researcher at the China Institutes of Contemporary International Relations.

China is being forced to react to protect its legitimate interests but in doing so it is also championing rules-based trade, as the Trump administration has resorted to domestic laws to target Chinese goods with tariffs, a move that runs roughshod over the international trade rules of the WTO.