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As the number of elderly people rises, demand for places in public nursing facilities is soaring, as Shadow Li reports from Hong Kong.

As the Chinese economy continues to grow at a medium-high speed and climb higher on the value chain, China's traditional industries are transformed and upgraded at a faster pace, and emerging industries flourish, he said.

As to the massive trade deficits with China, they are the result of the evolution of the global distribution of industries and global value chains. China, as a main manufacturer of staple commodities, especially consumer goods, has advantages in labor-intensive industries compared with the United States.

As talks to end the 10-month-old trade war between the world's two largest economies stalled, US President Donald Trump on May 10 announced he was raising existing tariffs on 0 billion in Chinese goods from 10 percent to 25 percent.

As the new capacity is beyond the growth of the oil, some refinery plants will be shut down to rebalance the market, it said.