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China is undoubtedly a leader in the global switch to new energy vehicles－a market which has attracted the attention of every major auto manufacturer. To transform these challenges into opportunities, a dependable and predictable regulatory framework, data security, protection of intellectual property and open access to the market are needed.

China highly values China-ROK-Japan cooperation and is willing to work together with the ROK and Japan to move trilateral cooperation to a higher level, Li said.

China has pledged to step up support to boost the private sector by rolling out more tax cut measures and alleviating liquidity pressure of the private sector. [Photo/VCG]

China is the world's largest integrated circuit market and most active investor in the field with the world's largest number of projects. The move will lead to major uncertainties for US producers, reducing their investment in research and development and hurting production, he said.

China is pursuing a new round of opening up and will further relax market access to the automobile sector, Li said. He welcomes German companies to continue to expand investment in China, cooperate more in high-tech fields and jointly seize opportunities in market competition in the future.