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China's vehicle exports are expected to drop by 200,000 units this year, from about 1 million in 2019, as the pandemic erodes global demand, said Chen, the CAAM official.

China's research and development recorded a 20 percent increase when compared with the same period last year, higher than the world's average growth rate of 8.3 percent.

China-Russia relations have reached a new historical starting point, Xi said, expressing his hope that the association will open up a new chapter in promoting exchanges between peoples of the two nations and make greater contributions to strengthening people-to-people bonds, fueling the development of the China-Russia comprehensive strategic partnership of coordination at a high level.

China's relatively high penetration rate of e-commerce is propelling even the biggest online platforms to come up with new ideas to attract new customers, stimulate spending and spur growth, said Yu De, founder of Diggg, a domestic consultancy specializing in new retail studies.

Chinese 100 yuan banknotes. [Photo/IC]