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Analysts say these changes conform to the objectives of the tax reform which are to facilitate social justice and increase the growing vitality of the Chinese economy.

Andrey Denisov, Russian ambassador to China, said Russia, as the sixth-largest trading partner of Shandong, enjoys solid trade ties with the province.

Analysts said the big fall is the market response toward the meeting convened by the Political Bureau of the Communist Party of China Central Committee on Monday, which said it would resolutely solve the irregularities in the property market, apply policies in accordance to local conditions, seek a supply and demand balance, and accelerate the establishment of a long-term and effective system for promoting the healthy and stable development of the real estate market.

And it's not only US companies that are committed to deepening their roles in China's vast market. Jens Puttfarcken, president and CEO of Porsche China, said despite all the uncertainties, the company is optimistic about its sales performance in China and believes that there is no alternative to global free trade.

Anchor's fresh milk will debut in premium supermarkets such as City Super and mass market chains like RT-Mart in multiple cities across East China, where average dairy consumption is noticeably higher than the national average, according to Xu Desheng, research and development director at Fonterra China.