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And in 2019, the EU accounted for more than half of China's imports of vehicles and auto parts plus aircraft and their accessories, according to Eurostat.

An oil painting created by Shen shows people enjoying music. [Photo by Long Shao/For China Daily]

Analysts said liquidity conditions will likely remain tight in China as the authorities will continue with a prudent monetary policy to curb financial risks and asset bubbles, which means the fundraising cost for domestic companies will stay at a relatively high level. They added that the expectation of a stronger yuan will also encourage more companies to raise dollar-denominated bonds in overseas markets.

Ando said the company will focus on technology innovation and stick to its localization strategy this year, promoting one-stop mobile office solutions, expanding enterprise-level inkjet printers and launching AR glasses.

Analysts said that the inventory of China's power enterprises was still at a relatively high level and the coal procurement demand in the market was limited.