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Noting that Guangdong is a pioneer and pacesetter of China's reform and opening up, Xi said the province bears great importance and plays an outstanding role in Chinese modernization.

"China has always been and remains a very promising and desired market, and Russian exporters want a share of it on a stable basis," Russian Export Center CEO Veronika Nikishina said.

The country's Ministry of Commerce (MOC) has made public its plan for formulating regulations and laws in 2021, putting on agenda the revision of the guideline on foreign strategic investment in Chinese listed firms.

China's annual tone-setting Central Economic Work Conference in December stressed the need to actively consider CPTPP membership as part of efforts to move forward with reform and opening-up across the board.

After four decades of rapid growth, Shenzhen now ranks fifth among Asian cities in terms of gross domestic product (GDP), which expanded at an annual rate of 20.7 percent to 2.7 trillion yuan in 2019 from 270 million yuan in 1980.