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"By doing that, we are opening the door for the smaller customers in China that cannot have access to foreign currency to buy iron ore," he said.

"China has created in the past 20 years many potential advantages, and it is starting to use some of them. But I think it can use those advantages much more quickly and strongly, particularly in the energy sector. China is in a good place to put these advantages to work," he said.

"Children belong in school, belong in the playground, not in cages," read one protester's message.

"China is an energetic and fast-growing market, and the new generation of luxury consumers are getting younger. We are making changes with the times," Fukuichi told China Daily.

"Capacity is the foundation of output growth. As most of the advanced steel capacity built in the past years has already come into use, there will be little new capacity coming into operation in the future, which means less steel output," Chen said.