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China's State-owned companies reported steady profit growth in the first half of the year, totaling 1.41 trillion yuan (8.9 billion), up 24.3 percent year-on-year, according to the Ministry of Finance.

China will set up a Chinese Culture Center in the Philippines. Both sides support more twinning agreements between their cities and provinces.

China will launch a new three-year renovation plan to address housing in rundown urban areas, starting with construction of 5.8 million units this year.

China will open its market and expand imports based on its new round of reform and opening-up and the demand of the domestic market and the Chinese people, to ease related issues in economy and trade, the statement said.

China will never take the initiative to bully others, but the country will hit back at any move to slander it, State Councilor and Foreign Minister Wang Yi said at a video news conference at the Great Hall of the People in Beijing on Sunday.