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China is racing to produce several thousands of multifunction ventilators, as demand for the lifesaving machines skyrockets across the world due to the COVID-19 pandemic, the country's top industry regulator said on Monday.

China highly values its relations with Singapore, and is ready to work with the Southeast Asian country to enhance bilateral partnership step by step, said the Chinese leader.

China is planning to further stimulate the new energy vehicle sector－in terms of their demand, supply and use－and is confident in its long-term prospects, said a senior official at the Ministry of Industry and Information Technology, which supervises the automotive industry.

China has promised to further boost its imports. The Ministry of Commerce forecast last November that China would import more than trillion of goods and services in the next five years.

China is forming a new development pattern known as "dual circulation," which takes the domestic market as the mainstay while allowing domestic and foreign markets to boost each other, and the new pattern will be conducive to keeping the country's current account generally within the reasonable range, Wang said.