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Under the new agreement, duty-free operators at the capital airport will share 42.5 percent of their sales revenue with the airport operator, up from the level of around 30 percent in the previous arrangement.

UnionPay, China's national bank card payment processor, has seen an increase in its overseas mobile payment transactions even though traditional bank cards remain the most popular payment tool among Chinese travelers.

Under the current rules, foreign asset managers are required to register and file their onshore products at the AMAC before conducting business in China.

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Unlike air and road transport, high-speed freight train is less affected by weather factors such as heavy rain and strong winds, said CRRC Tangshan, adding that it can travel 1,500 kilometers within five hours.

Unprecedented flooding triggered by incessant rain and a last-minute discharge of floodwaters from upstream reservoirs have wreaked havoc in Shouguang, Shandong province, known as China's fruit and vegetable basket-raising concerns that produce prices could spike.

Unlike other multilateral frameworks, which often involve China and other countries in a particular region, BRICS includes five representative countries from different regions.

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Under the agreement, the new partners plan to develop a network of EV charging hubs across China, as part of their broader efforts to better tap into the opportunities of electrification in the automobile sector.

Under the pilot program, Midea is increasingly using renminbi to directly settle with foreign companies, said Ann Yao, general manager of Midea Group Finance Co Ltd.

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Under the program, individuals and enterprises can fill out a written form and declare they qualify for certain approvals, instead of having to wait for authorities to issue certificates to prove the authenticity of their claims.

Uncertainties brought about by the frictions could hurt domestic employment as manufacturers will have to cut some jobs if faced with rising costs and shrinking profits, she said.