The decision to do away with the controversial policy came after a four-day meeting in Beijing to chalk out a national plan for the next five years.
The nation is said to earn between $1.2 billion and $2.3 billion annually through this system, according to a U.N. report.
European markets fall amid a slew of weak earnings while Asian markets stayed mixed following hints of a possible increase in interest rates by the U.S. Fed in December.
Angela Merkel's eighth trip to China in her capacity as the chancellor is aimed at expanding trade relations with the world’s second-largest economy.
Harry Harris is expected to visit Beijing next Monday, and the heads of the two navies will also hold a video conference to discuss the South China Sea row.
The GDP data, to be released at 8:30 a.m. EDT Thursday, is likely to show a sharp decline over the second quarter, when the economy registered a brisk 3.9 percent growth.
The deal was one of several agreements signed Thursday during German Chancellor Angela Merkel's trip to Beijing.
Australia, a key U.S. ally in the region, expressed its strong support for freedom of navigation, while stopping short of welcoming the patrol.
The former U.S. senator from Pennsylvania claimed that the jobs would be done in the United States at lower CO2 levels, all while boosting the U.S. economy.
The stage was set by a disappointing September jobs report and the manufacturing sector falling short of expectations.
The deal could turn into the largest investment China has made in the country with Latin America's second-largest economy.
Two new polls show a slight increase in China's manufacturing sector in October after concerns had mounted that the world's second largest economy still hadn't bottomed out.
China "is going to be putting a lot of diplomatic pressure on us and everyone else not to follow suit. That makes it critically important that we make our own assertion of freedom of navigation."
On Tuesday, Asian stocks were largely down with the exception of Japan as investors await results of the U.S. central bank meeting.
China summons U.S. ambassador over naval patrol near islands it claims, as Chinese defense ministry warns of "consequences" if actions continue.
China's consumer sentiment plunged in October as households curbed spending, worried by recent discouraging economic data, according to a new survey.
Indonesian President Joko Widodo, who is visiting the United States, did not refer directly to the USS Lassen's foray into waters claimed by China.
The tech company's latest quarter was driven largely by sales in China, which increased by 99 percent compared with the same period last year.
Guinness officials say more than 330 pounds of the fried rice was wasted, violating the organization's rules.
The Chinese say they monitored the destroyer USS Lassen as it made its way toward the disputed waters Tuesday.
The South Korean company already makes screens for Apple Watch, and now it might also provide OLED screens for the next version of iPhone.
Australia, the world's largest coal exporter, said it will not stop development of coal mines despite a call by prominent citizens to curb the country's role in global warming.