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"Currently, the majority of cars sold in China were built in China, it's a very good degree of localization," Samuelsson told Xinhua on Thursday. "But China is also used as Volvo Cars' export hub. Due to US imposed tariffs, we had to redistribute."

"Chinese carmakers cannot rely too much on their joint ventures for profit, which means they have to work harder on their own models. This will help cull the incompetent but cultivate the competitive such as Geely." Zhang said.

"Chinese mainland people are used to paying for things with their phones, so it will be like home for them," Wei said.

"China's financial assistance addresses the all-around challenges such as poverty, disease prevention, limited trade and investment channels, weak infrastructure and industrial foundation to many developing countries and regions today," said Xing Houyuan, a member of the expert committee of the Beijing-based China Council for the Promotion of International Trade.

"Considering the size of Baowu and Shanghai Futures Exchange, this is a world class collaboration," said Jiang Yan, chairman of the Shanghai Futures Exchange.