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Concerns about trade wars between the US and China and other key trade partners have grown after the US raised tariffs on imported washing machines and solar panels in January and signed proclamations this month on a 25 percent tariff on steel imports and 10 percent tariff on aluminum imports under the pretense of national security in the controversial Section 232 of US Trade Expansion Act of 1962.

Compared with the stable environment and potential market of the mainland, political turmoil in Taiwan is very frequent, which has had adverse effects on the economy and people's livelihoods, he said.

Companies involved in the tunnels' construction, design and inspection all received punishment.

Comprehensive pilot reforms will be carried out on financial services for private, micro and small firms for three years to explore ways to expand lending to these businesses, lower their financing costs, improve the guarantee and risk compensation mechanisms and further innovate in financial services. The goal is to guide more financial resources to support smaller firms.

Combined with January sales, a total of 3.85 million vehicles were sold, registering an even steeper fall of 14.9 percent from the same two months last year.