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China has announced a cut on corporate contributions to the old-age pension, unemployment and workplace safety insurance funds by at least 500 billion yuan (.3 billion) this year. [Photo/Sipa]

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 has been ASEAN's biggest trading partner for eight years, while ASEAN has been China's third largest trading partner for six years. In the first seven months of this year, China-ASEAN trade volume increased 14.5 percent year on year, higher than China' s overall trade growth rate.

China has been informed of the Philippine vessel's grounding in the South China Sea, Hua said at the ministry's daily briefing, noting that ships of the China Coast Guard have arrived at the accident's scene while the rescue ship South China Sea Rescue 115 is also in nearby waters.

China has been the world's largest market for new energy vehicles since 2015. Their sales last year stood at around 1.2 million.