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China is the world's largest car market for new energy cars, but such vehicles accounted for less than 3 percent of new car sales in the first half of the year, according to statistics from the China Association of Automobile Manufacturers.
China has said it will not "fire the first shot" in a trade battle with the US. "However, if the US goes ahead with the tariff hike, China will be forced to fight back to defend the core interests of the nation and the interests of the people," Gao said.
China is also stepping up efforts to safeguard investors from securities fraud after Luckin's fake reporting. Yi Huiman, chairman of the China Securities Regulatory Commission, said in a recent article that the securities regulator will crack down on financial fraud and other legal breaches in the capital market.
China is more than capable of stabilizing its foreign trade and promoting the high-quality development of imports and exports in the second half of this year, officials and experts said on Tuesday.
China is the world's fastest-growing consumer market, said Guan Lixin, an official with the Ministry of Commerce.
