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China is currently the world's second-largest oil consumer and largest oil importer, and in 2018, the country imported 440 million metric tons of crude oil, a year-on-year increase of 11 percent, with its foreign oil dependency ratio reaching 69.8 percent, according to China National Petroleum Corporation's Economics and Technology Research Institute.

China is now Peru's biggest trade partner, export market and source of imports. Bilateral trade between reached about billion last year.

China is also speeding up the construction of "new infrastructure" projects such as 5G networks and data centers and shoring up information services.

China has rolled out tight restrictions on the production of electric vehicles, making it difficult for smaller players to obtain permits. The regulations were put in place to ensure the safety and quality of electric vehicles sold in domestic and international markets.

China is the world's largest new energy vehicle market, with their sales soaring 61.7 percent year-on-year to total 1.25 million last year amid the sluggish overall car market. Sales this year are expected to reach 1.6 million, according to the CAAM.