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China has been ASEAN's largest trading partner for 10 years, according to the Ministry of Commerce. Meanwhile, in the first quarter of 2020, ASEAN replaced the European Union as China's largest trading partner, accounting for 15.1 percent of the nation's global trade volume during the period, according to the General Administration of Customs.
China has also pioneered an increasingly prominent policy through promoting a model of the circular economy, going beyond the current linear pattern of take-make-dispose.
China has been working hard to reduce the financing burden on small firms.
China had 167 million people, or almost 12 percent of the total population, older than 65 in 2018, data from the National Bureau of Statistics showed.
China has hit back against the US unilateral moves proportionally by rolling out its retaliatory tariff plan.