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China is the largest market for Hyundai and Kia, both subsidiaries of the Hyundai Motor Group, accounting for 23.5 percent and 21.5 percent, respectively, of their global sales in 2016.

China hopes that the 17+1 mechanism will contribute to safeguarding multilateralism, promoting free trade, deepening mutually beneficial China-EU cooperation, and jointly building an open world economy, he said.

China has striven to develop renewable energy including wind power and biomass energy in recent years as the world's largest energy market continues to shift away from dirty coal power toward cleaner fuels.

China is going to make technologies including AI, digitalization, 3D printing and wearables rapidly integrate into the working environment, presenting Mercer greater opportunities in the fields of innovative manufacturing, quality and green development, optimizing industrial structure and nurturing talents.

China is expected to cut 2.3 trillion yuan (0 million) in taxes and fees in 2019, Securities Daily reported on Tuesday.