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The company first entered China in 1987. Today it is the company's third largest market after the US and France, generating almost 2 billion euros (.29 billion) of sales in China last year, 7 percent of its global turnover.

The clean governance and anti-corruption move will be strengthened to avoid corruption risks, improve trust of justice, and safeguard fairness, the statement said.

The company expected its net revenue for the next quarter to grow by approximately 35-40 percent year-on-year.

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The combined profits of China's SOEs rose 10 percent year on year to 452 billion yuan (about 67 billion US dollars) for the January-February period, the Ministry of Finance (MOF) said on its website.

The collapse happened on Monday morning in Pu'er city, Southwest China's Yunnan province. The construction project of Wanggang Mountain Tunnel, located in Mojiang county, is being undertaken by China Railway 16th Bureau Group Co Ltd.

The comments came after several US government departments urged the Federal Communications Commission (FCC) to revoke China Telecom's license to provide international telecommunications services to and from the US.

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The communique also said China will deepen reform and opening-up to improve its socialist market economy system and give full play to the market in resource allocation, with major progress to be made in reforms of the property rights system and production factor allocation.

The company has suggested a compensation plan, including 1,300 euros (,439) in cash for each tourist, as well as upgraded accommodations and a refund for any skipped events. It said it will work with the police and insurance companies to recover and reimburse losses.

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The commercial lender is also looking for new innovative businesses such as those involved in the government-backed high-end equipment manufacturing industry.

The commerce ministry will work to help foreign trade companies pull through the hard times with more targeted measures, for instance supporting exporters to sell their goods on the domestic market and keeping the global logistics chain stable and smooth, he said.