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Cui Dongshu, secretary-general of the China Passenger Car Association, said China is stepping up efforts to promote the development of NEVs in the world's largest automobile market.

Cui Fan, a professor at the School of International Trade and Economics of the University of International Business and Economics in Beijing, said the new model of development will promote a higher standard of opening up, advance trade and investment liberalization and facilitation and promote the building of an open global economy amid the mounting uncertainties both at home and abroad.

Cyclone Amphan made landfall in coastal areas of West Bengal at around 2:30 p.m. (local time) on Wednesday, leaving behind a trail of destruction.

Currently, online trading in US stocks accounts for a major part compared to trading in Hong Kong stocks and the A shares, he said.

Currently, the 11 carriers under HNA, including Tianjin Airlines and Capital Airlines, account for 46 percent of market share in Hainan.