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China announced the launch of the Xiongan New Area in April, aiming to relieve the population burden of Beijing and match the success of zones in Shenzhen and Shanghai that have helped expedite China's progress into an economic powerhouse.

China has a migrant population of some 245 million, and 7 million college graduates starting work each year. These newcomers to cities are making significant demands on the residential market.

China has also taken measures to improve its export structure, with exports of automobiles expanding by 16.3 percent and machine tools by 18.7 percent, compared with the same period last year, according to the GAC. Exports of electrical-mechanical products rose by 7.8 percent to 6.91 trillion yuan, accounting for 58.3 percent of China’s total export value.

China approved the preparation application by a joint venture with American Express for setting up a bank card clearing and settlement institution last November, a step forward in the country's financial opening-up.

China as the world's second-largest economy and the largest consumer market has announced and will take substantial moves to further open its economy, which will provide opportunities of development for all other countries, including the US. It will be regrettable if the US companies and workers fail to benefit from China's economic liberalization moves due to Washington's refusal to cast away its adventurism.