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China is building a socialist market economy through progressive reforms, according to Justin Lin Yifu, a professor at Peking University and former World Bank chief economist.

China is the world's largest vehicle market and producer, and the United Kingdom is Europe's forth biggest auto manufacturer. The partnership will strengthen ties in manufacturing, connectivity and autonomous vehicles, low and zero emission technology and supply chain including battery research and development.

China imported 1.075 billion metric tons of iron ore in 2017, which accounted for 70 percent of global imports. Along with the growing domestic need for hedging, the world's leading consumer of iron ore has long been in demand of bigger say in setting commodity prices.

China is in the driver's seat when it comes to automotive electrification and vehicle-to-infrastructure connectivity, thanks in part to a strong government commitment to catapult the world's largest car market to the forefront of pioneering practices, according to a top executive from General Motors Co.

China is ramping up efforts to boost new types of consumption and foster consumption upgrading amid the novel coronavirus outbreak, the nation's top regulator of the industry said on Wednesday.