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China's service trade continues to maintain the trend of stable and sound development. [Photo/IC]

China, the world's biggest vehicle market, will phase out the production and sale of fossil fuel cars in the near future, which will give the new energy vehicle sector a major boost, according to experts.

China, like its people, has a long memory. It has grown from a poor and weak country to become the world's second-largest economy. It has benefited the world in its development and is willing to share its growth opportunities with other countries. As the Chinese saying goes, "When you reap fruit, you should remember the tree; when you drink water, you should remember its source."

China's retail sales of consumer goods grew 8.8 percent year-on-year in July, narrowing from the 9-percent rise seen in June, data from the National Bureau of Statistics showed.

China’s percentage is lower than the 2.2 percent world average. India and Vietnam, two of China’s neighbors, spent 2.5 percent and 2.4 percent in 2016, respectively, of GDP on the military.