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Despite the chill in the new car market, used car sales are growing. They are expected to see faster development with the measures in place.

Democratic National Committee Chairman Tom Perez speaks to the crowd before the start of the Democratic 2020 US presidential candidates debate in Manchester, New Hampshire, US, Feb 7, 2020. [Photo/Agencies]

Des Quinn, national officer for automotive industries at British union Unite, called the news a "devastating blow".

Despite his largesse, one of Xiao's colleagues said the professor is "too mean to buy himself new clothes" and always likes to have small denominations of money in his pocket. He is jokingly nicknamed the "stingy professor", said the colleague.

Despite the improved resilience of the global financial system as a result of post-crisis financial reforms, vulnerabilities still remain, and may negatively impact the strength and sustainability of global growth. China applauds and supports the FSB's work in building a safer, simpler, fairer financial system and improving the financial regulation coordination framework. We emphasize the considerable progress made towards transforming shadow banking into resilient market based finance since the financial crisis and welcome the FSB assessment of the monitoring and policy tools available to address risks from shadow banking. We call for full, consistent and timely implementation of agreed reforms, and finalizing Basel III and other unfinished parts of the reform agenda soon, so as to foster a robust and open global financial system supporting investment, trade and growth.