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Cutting overcapacity remains the biggest challenge for refiners, since additional refining capacity is under construction, she said.

Crude oil prices have plunged since the beginning of this year. The average price is at its lowest point in more than a decade. The intricate geopolitical relations among the three international giants in crude oil production－OPEC's representative Saudi Arabia, Russia and the US－make it difficult for them to reach a long-term agreement in the oil market. Since the outbreak of the epidemic, even a temporary agreement has not been reached. The volatile crude oil market is not conducive to economic globalization.

Cui Dongshu, secretary-general of the China Passenger Car Association, said as China's car ownership is seeing rapid growth and the upgrading of automobile products is accelerating, there is an urgent need for new rules in the scrap industry.

Currently, Chinese companies account for 7 of the world's top 10 smartphone vendors, but in the US, only one Chinese brand stood out, with ZTE Corp grabbing a market share of 12 percent. "Such contrast is a result of multiple factors, and political concern is certainly one of them," Xiang said.