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China's NEV market is expected to grow at a compound annual growth rate of 36.1 percent between 2020 and 2025, said the report.

China will not significantly cut its subsidies for new energy vehicles this year, as part of its efforts to stabilize market expectations and ensure the healthy and sustainable development of the industry, the country's top industry regulator said on Saturday.

China's central bank didn't follow some other central banks across the globe by lowering interest rates. Central banks in New Zealand, Thailand and India announced larger-than-expected interest rate cuts last week, following the US Federal Reserve's rate-cut decision, getting prepared for a worsening global economic outlook.

China's State-owned power giants are shoring up efforts to secure energy supplies for the national fight against the novel coronavirus, including preferential treatment for businesses that need support when resuming operation.

China's action came on the same day that US President Donald Trump announced that up to billion worth of Chinese imports could face tariffs.