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China took over the UN Security Council presidency in July.

China sold 2.92 million SUVs in the first four months of 2019, accounting for 42.6 percent of the passenger car market. But as joint venture brands accelerate their pace of developing SUV models, the advantages of Chinese brands are weakening, insiders say.

China issued measures to further expand the opening up of the financial sector in July, allowing qualified foreign investment institutions to obtain the "A-class" licenses of lead underwriter, which can provide a broader service, and B-class licenses. "So the German demand is no longer a problem now, and the German institutions will receive more permission in the future," said the official.

China was the UK auto industry's third biggest trading partner in the first half of this year, according to figures released by the Society of Motor Manufacturers and Traders.

China will accelerate the improvement of the system of its socialist market economy and will fully unleash the "decisive role" of the market in resource allocation to ensure high-quality development, a senior official said on Friday.