BizChina

Transactions between Chinese exporters and buyers from the United States during China’s largest trade event dropped sharply, mainly due to the trade conflicts between the two economic powers.

“The ongoing trade conflicts posed impacts on US buyers, bringing uncertainties to the international trade market,” said Xu Bing, spokesman of the China Import and Export Fair.

Chinese authorities have decided to renew efforts to assist private companies facing financing difficulties, given the importance of those firms to the economy and the job market. 

The private sector plays an important role in China's economy, contributing more than 50 percent of tax revenue, 60 percent of GDP, 70 percent of technological innovation, 80 percent of urban employment and 90 percent of new jobs and new firms. 

Answering questions about economic and financial issues, Vice Premier Liu He on Friday reiterated China's basic economic system and the crucial role of the private sector. 

The bamboo that grows in Southwest China's Sichuan province is famous for being pandas' favorite food, but humans have increasingly turned to the plant for toilet paper and paper towels.

Last year, Sichuan produced 1.1 million tons of household paper from bamboo, equivalent to about one-tenth of China's total paper production for household purposes, according to the Sichuan Paper Association.

Chinese telecommunications company ZTE reported full-year operating revenue of 108.8 billion yuan ($17.2 billion) last year, according to the company's annual report released Thursday.

It marked a yearly increase of 7.5 percent, the report said.