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China is pledging to further open up the elderly care market for overseas investors, to better meet challenges brought by an aging population.
China is likely to become the world's largest autonomous driving market in the future, with an estimated revenue of more than 500 billion U.S. dollars from new car sales and travel services related to autonomous driving by 2030, experts said.
China has slashed tariffs on imported vehicles from 25 percent to 15 percent and Xu expects the government to further cut this figure in the coming years.
China is currently on course to loosen the cap on foreign ownership in joint ventures to attract more foreign funds to its financial market. The government had previously pledged to lift the limit from 50 percent to 51 percent in the insurance sector in three years and fully remove it after five years.
China is forecast to have more than 150 million 5G mobile subscribers by the end of this year as the nation's efforts to expedite construction of new infrastructure are expected to help fuel economic growth, experts and company executives said.
