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Despite the recent price rise, China's inflation growth is likely to maintain the declining trend and the country is expected to meet the target of keeping the inflation rate below 3.5 percent this year, said Wen Bin, chief analyst at China Minsheng Bank.

Differences remained between the two nations over trade tariffs, US threatening to punish India's oil purchase from Iran, and India's proposed buying of S-400 missile defense system from Russia, leaving many to wonder if India even ranks in Trump's priority list.

Detailed arrangements will be rolled out soon to clarify the main responsibilities and functions of the central bank and the two commissions. They are expected to offer more insights into the PBOC's role and its relationship with two commissions as well as the Financial Stability and Development Committee, the interagency financial coordinator created last November.

Dockless shared bicycles, high-speed trains, mobile payment and e-commerce have earned a reputation as China's "four great new inventions" in modern times.