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"But now with SWIFT GPI, the banks in China can now facilitate those tuition payments stripping out the friction ... making them faster and more information rich."

"China has been undergone tremendous transformations during the past 30 years," Ge said. "The world is evolving in a speed we could never imagine before."

"But the suspension alone is not enough as the sanctions are sure to remain the elephant in the negotiation room. The failure of the Hanoi summit shows us that the fundamental reason that impedes the development of the denuclearization is the ideological gap between the US and the DPRK," Zheng said.

"By the end of the year, we are likely to open tenders for the aero engine, and Rolls-Royce and General Electric are expected to join the bid. We are also trying to develop engines ourselves together with Russia."

"Certain products are being removed from the tariff list based on health, safety, national security and other factors and will not face additional tariffs of 10 percent," the USTR said. It did not specify which items would be removed.