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Cars are submerged in flood water in Guangzhou, South China's Guangdong province, on Sunday as the city was hit by heavy rainstorms. The city issued a red alert for rainstorms, the first this year. [Photo/VCG]

Carmakers' transformation to a customer-oriented service provider has become a way to ease the burden of excess inventory, the report said. However, the lack of industry standards, the occupation of public resources by shared cars, parking problems, and safety regulations for new energy vehicles still need to be resolved.

Cao criticized Wall Street for creating a virtual economy without creating real value, saying it's what drags an economy down.

Chang Renyao stands trial at a court in Luanchuan county, Henan province on June 12, 2019. [Photo/Luanchuan County People's Court]

Carsten Breitfeld, co-founder and CEO of electric-vehicle maker Byton, which is based in Nanjing, talks to investors and industry observers on Sunday after introducing the fi rst drivable concept car at the Consumer Electronics Show in Las Vegas. CHANG JUN / CHINA DAILY