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China sold 28.08 million autos last year, down 2.76 percent year-on-year, remaining the world's largest auto market, data from the China Association of Automobile Manufacturers (CAAM) showed.

China still faces a number of major economic challenges that could dampen its future growth, such as the continued global spread of the coronavirus and an unfavorable international economic and trade environment, he said.

China regularly registers a deficit in service trade as its service sector is less competitive than a number of economies.

China may announce a three-year action plan on reforming China's State-owned enterprises next year to promote mixed-ownership reform, cut government subsidies and improve earnings at home and abroad, experts and business executives said on Wednesday.

China should establish itself as one of the most innovative countries by 2020 and as a leading innovator by 2030, and then become a world-leading science and technology power by the centenary anniversary of the founding of the People's Republic of China in 2049, he said.