Business

China Signs Production Capacity Agreements With Over 30 Countries

China has signed agreements on production capacity cooperation with more than 30 countries amid efforts to facilitate its industrial restructuring and upgrading, Foreign Minister Wang Yi said.

Serving domestic development is the due task of China's diplomacy, Wang told a press conference on the sidelines of the annual session of the National People's Congress. For instance, China's currency renminbi has joined the International Monetary Fund's Special Drawing Rights basket. The country has also promoted the establishment of the BRICS New Development Bank and the Asian Infrastructure Investment Bank, expanding China's institutional rights in global economic governance, he said.

The foreign ministry has launched promotional events for Chinese provinces to enhance cooperation with foreign partners and help foreign diplomats in China better understand local conditions, he said. Since the G20 Summit was hosted last year in Hangzhou, the city has taken on a new look and made progress in its economic and social development, he said. "The local people have benefited the most."