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China is now the world's largest market for internet business, e-commerce, AI and new energy vehicles. These industries are the future trends. Now in China, and only in China, can people live cash free and credit card free. More than half of new energy passenger cars are sold in China. Many startup companies in China are innovating in manufacturing, technology development and new business models of Internet Plus businesses. And many Chinese brands are becoming world-renowned enterprises and blaze the trail for digitalized business. All these endeavors could be a reference for other countries.

China is stepping up efforts to build charging poles and thereby foster its new energy car sector, as the nation is phasing out the decadelong subsidies on such vehicles' production and sales, according to officials.

China is offering a ray of hope for BMW as auto markets in Europe and the US are still reeling from the coronavirus pandemic, said the carmaker's Chairman Oliver Zipse on Thursday.

China is hoping that the G20 Summit will play a similar role to the one in London in 2009 — which produced a concerted response to the global financial crisis — and steer the world away from a path toward protectionism.

China is confident it will meet its 6.5 percent annual growth target this year, with more efforts to implement supply-side reforms and further promote economic opening up.