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Brent oil, the global benchmark, averaged some a barrel during the first half of 2017, up 29 percent year-on-year.

British automaker Aston Martin followed suit last year, announcing plans to produce an electric vehicle in the UK beginning in 2019.

Business innovation and greener strategies are critical to many Chinese companies' climb up the value chain and their sustainable development. Improved salaries and living conditions for workers have allowed other countries to gain market share of low-end products once produced in China, where ecological degradation has aroused public concern.

Both sides agreed to make the utmost efforts to reach consensus over rules for fair competition, it said.

Business revenue for the group came in at 503.1 billion yuan during the period, up 23.4 percent from a year earlier, according to a statement the insurer filed with Shanghai Stock Exchange. Income from insurance business amounted to 341.4 billion yuan, rising 32.9 percent from the same period last year.