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The State Council, China's Cabinet, decided on Wednesday to further cut tariffs on a number of imported goods starting on July 1. The decision, at an executive meeting presided over by Premier Li Keqiang, was described as continuing the country's opening-up to benefit domestic consumers and boost industrial transformation.

The Shanghai High People's Court has attempted to apply foreign laws in more civil and commercial cases involving parties from outside the country as part of the city's efforts to create a fair and just legal environment as it goes ever more international.

The Shenzhen Component Index closed 3.64 percent higher at 10,267.70 points.

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The Trump administration has threatened Europe itself with sanctions if it tried to set up an alternative money payment channel to allow it to continue doing business with Iran. European and other governments increasingly fear the prospect of being subject to US law when they undertake transactions that are cleared through a US bank.

The Shenzhen Component Index closed 0.14 percent higher at 11,319.91 points.

The Trump administration's announcement is more in line with the George W. Bush-era policy that discouraged affirmative action and instead encouraged the use of raceneutral alternatives, like percentage plans and economic diversity programs, AP said.

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The Supreme People's Court announced it would interpret the matter in September.

The State Council Information Office of China holds a press conference to discuss a white paper about facts and Beijing's perspectives regarding trade frictions with the US released on Monday. [Photo by Jing Shuiyu/chinadaily.com.cn]

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The State Administration of Science, Technology and Industry for National Defense, which oversees China's defense industries, has also pledged to gradually reduce restrictions on private businesses in the defense sector and to help State-owned defense contractors increase the use of parts made by private companies.

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