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"Even with the regulatory measures, big companies will have natural advantages. Therefore, small and medium-sized companies will have no choice but to rely on the bigger players to develop. They could even sell their products to their larger competitors," he added.

"Even though the West likes to think China is not innovative, they are innovative in a different way, much more market-driven, more application-driven," Walker said.

"Favorable economic conditions make it a particularly opportune time to further reduce macroeconomic vulnerabilities and pursue reforms that target 'better quality, more efficient, fairer, and more sustainable development', as emphasized by President Xi Jinping during the 19th National Congress of the CPC in October," said Elitza Mileva, senior economist of World Bank and co-author of the report.

"Developing hydrogen fuel cell vehicles strongly relies on core technologies and supporting infrastructure, so it will take China at least 10 to 20 years to completely realize the industrialization and commercialization of hydrogen fuel cell automobiles," said Zhang from Automotive Foresight.

"Each of the over 200 impoverished households we help has seen annual income growth of more than 4,000 yuan," Yu said.