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Companies in the automobile supply chain have suffered widespread shutdowns and reduced production capacity during the pandemic, leading to an imbalance in the supply and demand of many raw materials and parts. On top of this, a rise in transportation costs has pushed up prices of components and parts.

Companies in crude oil, petrochemical and steel industries saw sharp profit increases, the ministry said.

Compared to previous years, the annual sessions of the National People's Congress (NPC) and the Chinese People's Political Consultative Conference (CPPCC) this year bear greater significance, the Chinese president said.

Commercial banks had a total of 192.4 trillion yuan in assets, up 6.4 percent year-on-year, while their liabilities increased 6 percent to reach 177.2 trillion yuan.

Collaborating with leading payment service providers and China UnionPay Merchant Services Co Ltd, Citibank's solution enables ecommerce companies to efficiently consolidate their e-wallet transactions, covering both online and offline transactions.