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Construction of the factory is currently "at the stage of preparation", said Huang Zihong, managing director of the company.

Consumption growth of the country is expected to rebound to about 13 percent year-on-year in 2021, with offline consumption such as catering being a major force of consumption recovery, according to a report released by the Shanghai-based State-owned commercial bank on Thursday.

Cormac McCarthy

Countries are exploring their own ways to deal with these challenges and have put forward many good development strategies and initiatives, but it is difficult to rely on a single country to manage or solve the global problems, Xi said, citing the inter-dependence between nations.

Considering the supply shortages, Dutch automotive chip supplier NXP Semiconductors told customers that it must raise prices of all products because it is facing a "significant increase" in material costs and a "severe shortage" of chips, according to Reuters.