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In 2017, China paid 28.6 billion U.S. dollars of intellectual property royalties to overseas rights owners.

In order to enhance cohesion and mutual trust between old and new members, China has sought consensus, facilitated dialogues and promoted the sound and steady development of the SCO, which accounts for nearly half of the world's population and over 20 percent of global GDP.

Describing the current cross-Strait situation as complex and grave, Wang asked the new ARATS council to take the initiative to improve communication with Taiwan compatriots, promote cross-Strait economic and cultural exchanges and cooperation, and properly handle problems and emergencies arising during the process.

The two sides also signed on Wednesday a series of memorandum on service trade and third-party market cooperation among others.

"Whether China will continue to cut auto import tariffs depends on the competitiveness and development of the auto industry," said the ministry.