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China will make even more of a contribution to the betterment of mankind as it enters its new era of building socialism with Chinese characteristics while also comprehensively creating a more-prosperous society, British business leaders said.

China will expand policy coverage by attracting more foreign companies to establish facilities within border and cross-border economic cooperation zones to further diversify these areas' developing strength.

China will phase out the equity cap on automotive joint ventures by 2022, with the cap on manufacturers of new energy vehicles and special-use vehicles to be removed later this year, according to the National Development and Reform Commission.The commission reported the cap will be removed for commercial car producers in 2020 and passenger car producers in 2022. International carmakers will be allowed to have more than two joint ventures as well.

China's benchmark Shanghai Composite Index closed 0.08 percent higher at 3,395.91 points Wednesday. It has gained 9.4 percent this year.

China will likely maintain a steady growth rate of above 6.5 percent in two years, with economic deleveraging and preventing financial risks top priorities for the government, a report said on Tuesday.