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China is exploring ways to further boost the domestic demand for new energy vehicles and promote the sustainable development of the industry as more companies resume production since the COVID-19 outbreak, the nation's top industry regulator said on Thursday.

China is expected to have 576 million 5G users by 2025, or over 40 percent of global consumption, according to a report released by global consultancy EY earlier this month.

China is the world's largest producer of rare earths, accounting for about 80 percent of global supply. However, the country's rare-earth industry is faced with such problems as rapidly decreasing inventory, inefficient production and environmental pollution.

China is highly concerned that recent US investigations into Chinese aluminum products might have a major impact on aluminum foil trade and will offer relief to the US aluminum industry, Wang said.

China is fully capable and confident in winning the battle against the epidemic caused by the novel coronavirus and has the confidence to minimize the impact on the economy, he said, adding the impact is temporary and will not change the economy’s long-term fundamentals.