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China has remained the world's largest NEV market for three consecutive years, with around 777,000 cars sold in 2017.

China has pledged to open wider to the outside world during the 2020 China International Fair for Trade in Services concluded Wednesday, announcing decisions to roll out a negative list for cross-border trade in services and further ease market access for the sector.

China has stepped up efforts to prevent and control financial risks in various aspects since 2017.

China is often known as the "Bicycle Kingdom" because of it massive population of bicycles. There were close to 500 million bicycle owners in China in the 1980s. Later, as cars became popular, bicycles were largely replaced and became a symbol of the poor.

China implemented a proactive fiscal policy, with tax cuts and rate reductions as the most important measures since 2018. Specific policies included deepening the reform of value-added tax (VAT); adding special additional deductions of personal income tax; further expanding the scope of small enterprises that enjoy preferential corporate income tax; and policies to promote the development of innovative and high-tech startups.