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China is slashing subsidies on new energy vehicles and requiring local authorities to invest in charging infrastructure as part of its efforts to boost the competitiveness of local manufacturers in the world's largest automotive market.

China is set to become the world's largest 5G market with 460 million 5G users by 2025, according to a forecast by the Global System for Mobile Communications Association, a global telecom association.

China imported 539 million tons of iron ore in the first half, up 9.3 percent year-on-year, while the country's iron ore production was 508 million tons in the first five months, up 10.4 percent, according to data from the Lange Steel Cloud Platform. Low costs and high prices are expected to boost companies' profits.

China hopes all parties will take on their due roles and responsibilities, and work with it to pull the issue back to the negotiating table as soon as possible, Geng added.

China is promoting the "third-party market cooperation" model under the Belt and Road Initiative (BRI), which will engage more developed countries in construction projects and strengthen international cooperation, according to a report issued by the global business service organization Ernst & Young on Tuesday.