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China has established 19 intellectual property protection centers nationwide, said Shen Changyu, head of the SIPO, at a press conference of the State Council Information Office.

China firmly supports the publicly owned sector and unwaveringly encourages, supports and guides the development of the nonpublic economy, ensuring equal use of production factors, fair competition in the market and equal protection under the law for all forms of ownership, the statement said.

China has always supported the central role of the Association of Southeast Asian Nations in regional cooperation, and supports the Philippines in implementing its duty as the coordinator of China-ASEAN ties, the spokeswoman also said.

China has a key window of opportunity to advance its pursuit of renminbi internationalization as global investors are seeking stability amid volatility in markets caused by the COVID-19 pandemic.

China has been offering financial incentives since 2010 to stimulate the popularity of new energy cars. Bloomberg reported that the subsidies had cost the Chinese government 59 billion yuan by 2015, and it may need to set aside 83 billion yuan more for 2016 and 2017.