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China expects smart cars with partial or fully autonomous functions to account for 50 percent of new vehicles sold in the country by 2020 - one of the most ambitious plans worldwide to push forward self-driving technologies.
China disposed of a total of 2 trillion yuan (around 8.75 billion) of non-performing loans last year, Huang Hong, vice-chairman of the China Banking and Insurance Regulatory Commission, told a press conference Monday.
China has already 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 has been a leading force in applying artificial intelligence, robotics, drones and other cutting-edge technologies in different scenarios.
China has been cutting financial incentives for new energy cars after years of market stimulation. Subsidies will cease altogether by the end of 2020, according to the Minis-try of Industry and Information Technology.
