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As a reflection of the change, a recent research of global leading brands showed Chinese brands are rising in value and becoming more household names throughout the world.

As President Xi mentioned at the 19th CPC National Congress, China should focus on innovation and aim for cutting-edge technology. From my perspective, it takes time to achieve this goal. To leverage the expertise from countries, China can accelerate this progress with regard to intellectual property rights.

As artillery shells and rockets pounded targets nearby, soldiers were seen mingling freely with several hundred Moro Islamic Liberation Front fighters who have joined an assault on gunmen in the southern island of Mindanao.

As an important institutional innovation, China's FTZs explore new ways to deepen reform and opening-up as well as accumulate new experience. They have contributed to attracting foreign investment, said Chen Wenling, chief economist at the China Center for International Economic Exchanges in Beijing.

As central bank bills can be pledged as collateral, the PBOC hopes the swap program will make perpetual bonds more attractive to dealers and improve market expectations.