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Battery costs have fallen 85 percent from 2009, and some Chinese companies including SAIC Motor, GAC and BYD have been exporting their vehicles.

Based on big data and due to the wide popularity of smart phones in China, the app sent the information to users in Luqiao.

Backed by the Yangtze River Delta market, along with its shoreline, sea route, and access to inland provinces, the terminal has a great location advantage and is hoped to leverage its location advantage to further expand its transaction volume.

Barry Eichengreen, professor of economics and political science with the University of California, Berkeley, said: "The time for using fiscal policy for stimulus is when it's safe for people to go back to work. So I think that time has come in China." Eichengreen's comments were made at a recent seminar held by the China Finance 40 Forum.

Baowu is also on track to becoming an industry leader in terms of profitability. "In order to become a global steel industry leader, Baowu will consistently spearhead technological innovation, with technology, profitability and scale being the three pillars to ensure our success," said Chen.