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China is considered as the world's factory and the world's major market and its economic development influences global economic development, especially after China joined the World Trade Organization, said Takahashi.

China is set to build a globally competitive automotive industry within 10 years, with new energy vehicles and smart, internet-connected cars taking the lead worldwide, according to an industry guideline released on Tuesday.

China introduced its export tax rebate system in 1985, focusing on coal, agricultural products and industrial commodities, with rates ranging from 3 percent to 14 percent.

China is the most voracious meat eater in the world, accounting for a third of the global consumption of meat. Beyond Meat and its ilk see big opportunities in convincing Chinese omnivores to ditch, or at the very least cut down on, animal flesh and embrace plant-based alternatives. The competition is intensifying as homegrown startups join the fray with hyper-realistic fake meat offerings and foreign players jump through hoops to get a foothold in the country.

China imported 165,000 vehicles and chassis in July, surging 266.7 percent from June and up 50 percent year on year.