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As the culmination of a long series of market-oriented reforms that have sharply raised the real incomes of ordinary Chinese people and created more and more capable institutions, this shift away from an export model based on low-cost labor is both necessary and also a very good thing for China.

As torrential rains continue to pound most areas within Kenya amid flooding that has caused death and destruction, the Chinese business community under Kenya China Economic and Trade Association (KCETA) and with support from the Chinese embassy in Kenya, has donated relief supplies of food and household necessities valued at more than ,000 to West Pokot County which is worst hit by the ongoing floods.

As the world's largest-developing country, China still has a long way ahead for modernization but will open its doors even wider, which will stimulate domestic reforms, the premier said at Wednesday's meeting.

As the fund's general partner, Cainiao will operate and manage the assets and invest in logistics-related real estate projects, according to the statement. Morgan Stanley serves as the deal's sole financial advisor.

As the founder of two fashion brands, Yang Jie Design and Xi Xiu for menswear, Yang, who has taught at the Beijing Institute of Fashion Technology for more than 10 years, says he has drawn his inspiration largely from the embroidery skills of the Miao ethnic group, one of the oldest Chinese ethnic groups.