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China expects smart cars with partial or fully autonomous functions to account for 50 percent of new vehicles sold in the country by 2020, the National Development and Reform Commission, China's top economic planner, said on Friday.

China has made headway in phasing out overcapacity, a significant part of its ongoing economic restructuring. Annual targets of slashing steel capacity by around 50 million tons and coal by at least 150 million tons were fulfilled in August and October, respectively.

China doesn't want to engage in a trade war but has to fight back in the face of the US' short-sighted tariff move to safeguard its interests, to protect globalization and multilateralism, the ministry said, adding that all economic and trade outcomes achieved through previous China-US negotiations will not take effect.

China has become the secondbiggest market after the United States for the Geneva-based Firmenich.

China has over 4,000 small and medium-sized banks, with total assets of about 77 trillion yuan (.9 trillion). These banks have limitations in management capacity, and their targeted clients are usually micro, small and medium-sized enterprises. Small and medium-sized banks were noticeably affected by the novel coronavirus pandemic this year, said Cao Yu, vice-chairman of the CBIRC, at a news conference on April 22.