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The Trump administration's trade frictions with China have been seen by many experts as a move to target Beijing's Made in China 2025 initiative.

The State Council has pledged measures to improve the development of trade in services, including gradually opening up the finance, education, culture, and medical treatment sectors.

The State Council Information Office of

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The Shenzhen Component Index closed 0.72 percent lower at 13,149.5 points.

The Treasury uses three measures to decide if a country is being manipulated: whether the country runs a sizeable surplus in trade with America; whether its current-account surplus exceeds 3 percent of GDP; and whether it spends more than 2 percent a year to buy foreign assets to suppress the value of its currency.

The Shanghai and Shenzhen stock exchanges will carry out the pilot B&R bond program. Government-backed institutions in economies participating in the B&R initiative can also sell bonds in China, according to the China Securities Regulatory Commission, or CSRC.

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The Trump administration said the measure will free up half a million jobs for US workers displaced by the pandemic. Both orders cited similar reasons: "protect" jobs for US workers "in an environment of high domestic unemployment and depressed demand for labor".

The Supreme People's Court plans to set up a dispute resolution center for cases related to the initiative, and further develop its international maritime judicial research institute, Liu Jingdong, deputy head of the fourth civil division of the top court, said on Monday.

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The Three Gorges Dam in Yichang, Hubei province discharges floodwaters on July 2, 2020, to prepare for the arrival of the Yangtze River's first flood this year. ZHENG JIAYU/XINHUA

The State Administration for Market Regulation unveiled a new regulation for imported medicinal materials on Friday to ensure the quality of products.