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China has been offering subsidies since 2009 to stimulate the development of new energy vehicles, and such financial stimuli have since accounted for a sizable chunk of many electric carmakers' revenues.

China firmly supports ASEAN in playing a leading role in East Asian cooperation, Wang said, adding that the members of the East Asia Summit should comply with the common aspirations of the countries in the region, respect their legitimate demands, adhere to the multilateralism with East Asian characteristics, abide by the basic principles of regional cooperation, and make positive contributions to ensuring the lasting peace, prosperity and development of East Asia.

China has become the fourth largest exporter of tourists to Egypt since the beginning of 2017.

China has also renewed its commitment to reduce the impact of climate change. This will be done by stabilizing and eventually reducing its carbon emissions. The technological innovations touching on green energy can be part of the economic and technological cooperation with Africa to fill the energy gap on the continent and provide power to areas and people who are off the grid. This puts China in the position to be a strategic partner that will enable Africa to achieve the United Nations' Sustainable Development Goals of affordable and clean energy across the entire continent.

China has also pledged to enhance intellectual property protection, a voluntary step taken in accordance with its commitment to the World Trade Organization and aimed at improving the market economy, said Yang Changyong, a senior researcher from the Chinese Academy of Macroeconomic Research.