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China's ambitious bid to boost electric vehicles toward a battery-powered future can dramatically drive up demand for metals like lithium, cobalt, copper and nickel, industry insiders said.

China's centrally administered State-owned enterprises have been accelerating work in the production of meltblown nonwoven fabric to help the anti-epidemic fight, with daily production capacity of meltblown nonwoven fabric reaching 26 tons as of March 6 and the same is expected to grow significantly in the coming weeks, said the State-owned Assets Supervision and Administration Commission.

China will stay committed to boosting innovation. Much can be accomplished in China given its huge market, strong supporting industries and abundant human resources. We will foster a more enabling eco-system to spur innovation, intensify support for basic research and applied basic research, encourage corporate R&D spending, and improve incentives for researchers and policies for the commercialization of innovation outcomes. We will facilitate integrated innovation and synergized development of companies of different sizes, industries, universities, research institutes and end users in both online and offline activities.

China will cut value-added tax rates as part of a tax reduction package amounting to 400 billion yuan (.58 billion) this year, according to a decision made at a State Council executive meeting on March 28.

China will focus on building a modern industrial system and boosting its industrial upgrading under the new "dual-circulation" development pattern in the next five years, according to a communique issued on Thursday.