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Another factor contributing to China’s achievements has been opening-up, which has helped China to leverage its comparative advantages and raise its competitiveness and development level by integrating it into the global division of labor and industrial and value chains. In this process, we have also endured huge pressure, paid a high price, and experienced growing pains. Some obligations China assumed upon WTO accession far exceeded what was required of a developing country and even approached the level of a developed member. For example, China undertook to cut tariffs for agricultural products to around 15%, only one quarter of the world’s average level and lower than that of many advanced economies. Some industries in China were inevitably affected in the open marketplace, leading to bankruptcies and lay-offs. In some sectors, domestic brands came to be outnumbered by foreign ones, such as in passenger vehicles.

Another 11 tax authorities from Italy, Greece, Iran, Saudi Arabia and New Zealand, among others, joined the mechanism as observers, and will have advisory roles.

Anta Sports Products Ltd, China's leading sportswear company, is looking for possible collaboration with a global sports brand to explore international markets, said a company executive.

Another daily high in India

Another good harvest is expected for the autumn, according to the Ministry of Agriculture and Rural Affairs.