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"Formal and informal barriers are rising. Frictionless trade is beginning to rub, supply chains are starting to drag. Business leaders must recalibrate and adapt to this new reality or global players", he said.

"Generally speaking, China's trade is huge in scale, but not competitive enough," Zhong said, adding that the ministry will encourage exports of high-tech, high-quality and high-value-added products.

"From climate change to halting the spread of nuclear weapons, to fighting global terrorism, to finding cures for some of the most dreaded diseases in the world, the world is looking for leadership from both the United States and China working together hand in hand," he said.

"From the market perspective, of course, the internationalization process requires the RMB exchange rate to be more flexible and market forces should be allowed to play a sufficient role," said Huang Jun, chief Chinese analyst at Forex.com, the foreign exchange trading platform under Gain Capital Holdings Inc.

"General Jim Mattis will be retiring, with distinction, at the end of February, after having served my Administration as Secretary of Defense for the past two years," he said.