GE will work with China Telecom to help its internet technology enter the Chinese market and speed up China's industrial upgrades.

GE signed an agreement with Harbin Electric Corporation to establish a gas turbine manufacturing base, which will help China produce homegrown gas turbines and promote industrial upgrades of China's high-end manufacturing.

In the healthcare sector, GE will deliver a bio-pharmaceutical plant model to China's BeiGene to produce medicine. This will be the GE's third model plant worldwide.

GE also signed a deal with China Southern Airlines worth $3.48 billion to provide aircraft engine maintenance, repair and overhaul services to the airline company.

Driven by the Belt and Road Initiative, GE will work with Chinese partners to build three power plants in Pakistan to improve local energy infrastructure.

China is the world's second-largest economy and also the largest overseas market for GE, said GE Chairman Jeffrey Immelt, who is on a visit to China,

Immelt added that the bilateral cooperation will not only help local firms grow but also enhance GE's business competitiveness.

China's industrial upgrading and economic restructuring have provided enormous development space for foreign enterprises, said Duan Xiaoying, president of GE China.

"We do not want to see any trade war breaking out between the two countries. That would not make our trade fairer," Li said at the annual meeting of China's parliament.

He added the relationship is crucial not just for China and the US, but also for regional and global peace, security and stability.

"We may have different statistical methods, but I believe whatever differences we may have we can all sit down and talk to each other and work together to find solutions."

The premier said issues that cannot immediately be solved should be "shelved" for the time being.

The comments come as US President Donald Trump and Chinese President Xi Jinping are reported to meet in Florida next month.

Concerns have been growing over the risk of a trade war between the world's two biggest economies.

Trump has repeatedly criticized China's trade practices and threatened to impose punitive tariffs on the country’s imports. He argued many Chinese policies were unfair, pointing to Beijing’s currency manipulation, theft of trade secrets, hacking, lax labor and environmental regulations.

Last year, the United States trade deficit with China reached $347 billion, and Trump has promised to close that gap, which he has also attributed to China’s rigged currency exchange policies.

The US President has not followed through on his promises, and in a recent phone call with Xi, Trump honored the One China policy, acknowledging Beijing’s position that there is only one China, of which Taiwan is a part.

Premier Li also said that China-US relations are founded upon adherence to the One China policy.

He said Beijing was willing to make its state-run economy more accessible for foreign investment despite "frictions in trade and investment."

"China will continue to open to the outside world," he said, adding “We welcome other partners to share with us in the development opportunities of China."

Last month, 396 persons received mortgage loan of MNT24.3 billion with 8 and 5 per cent interest. Since the new regulation approval on the apartment mortgage financing, the Bank of Mongolia has spent MNT142.3 billion for the financing of mortgage, solving mortgage applications of 2042 persons by February 2017.

It will be the second oil price cut this year, according to the National Development and Reform Commission (NDRC).

China has a pricing regime that adjusts domestic retail oil prices when international crude prices change by more than 50 yuan per ton during a time span of 10 work days.

Influenced by increasing crude oil reserves in the United States, growing shale oil output and a stronger dollar, international oil prices have fallen sharply recently.

Weak demand will keep oil prices at a relatively low level in the short term, said the NDRC price monitoring center.

So far this year, China has also raised retail oil prices twice, leading to an accumulated reduction of gas and diesel prices both by 35 yuan per ton.

"At a meeting of the intergovernmental commission in Ulaanbaatar in 2016, we had a very effective discussion of issues in all spheres, not only in the trade-and-economics but also in humanitarian and other areas," she said. "We have already adopted a detailed plan to deal with the problems that have been piling up for years, including railway transport, excise duties during railway shipments, building a water storage facility and cooperation in border regions. Our embassy is working with Russian ministries and agencies in all spheres."

"As regards concrete results, we expect that about 40-50% of problematic issues in relations between our countries will be regulated and resolved in practical terms before the Mongolian prime minister’s visit which is expected to take place in the first half of this year," the ambassador said, adding that the next regular meeting of the intergovernmental commission is scheduled to be held in Moscow in late 2017.

Russian Prime Minister Dmitry Medvedev visited Mongolia in July 2016. He had a series of bilateral meetings with Mongolia’s top officials and took part in a summit meeting of heads of state and government of ASEM (Asia-Europe Meeting) member states.

On behalf of the Mongolian Taxation Authority, Director S.Zorig signed the memorandum formalizing the two side’s cooperation this year.

“Mayor’s Office is responsible for strengthening the material base of taxation entities and enabling working conditions for the staff which we will ensure. Today, we are establishing a memorandum to cooperate on assistance to taxpayers with the Taxation Authority ”, the Mayor said.

For his part, the Taxation Authority Director said, “This memorandum is important for laying the foundations for further cooperation between the Taxation Authority and Governors’ Offices of districts”.

In the frameworks of the memorandum, implementation of taxation laws will be ensured in the capital and district levels and realization of VAT law will be intensified.

A faulty engine led to the plane’s emergency landing at 13:59 PM on March 14, Tuesday at the capital airport, confirmed Mongolian Civil Aviation Authority. The airplane was conducting a scheduled flight from Qatar to Mongolia.

The Chinggis Khaan International Airport staff secured readiness for the emergency landing of the C-17 airplane operated by 8 crew members, reported the officials.