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"By lowering gross profit margins and special offerings from the brands, One Jewelry aims to sell the same items at the same price as in home markets such as the United States or Europe," he said.

"By launching China's ore index, more accurate and precise price information can be provided for the operation of China's commodity market," said Yu Jianguo, general manager of Shanghai Ore International Trade Center, adding, "China will also increase its role in setting global prices and forming its own commodity price system."

"China and the Philippines are two friendly neighbors since ancient times, which should not be affected by a single issue over territory in the (South China Sea) … I believe both (countries') leaders have the wisdom to solve it in a peaceful way."

"But uncertainties and pressure remain ahead as many migrant workers haven't left their rural hometowns or had to come back after failing to land a stable job in cities," he said during a news conference held by the State Council Information Office.

"China has played a big role in the past partly because it's part of the emerging market class and therefore it has the responsibility to fill in that gap in terms of being the lender of last resort," Jin said.