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China is streamlining the necessary examination and approval procedures for carmakers and auto part suppliers, including those for new product launches, as part of its efforts to help companies resume operations amid the novel coronavirus outbreak closures.

China implemented a 4 trillion yuan stimulus package in 2008 to navigate through the global financial crisis. Aftereffects of that package caused many economists and finance professionals to be overcautious against large-scale stimulus. But we must understand that whether China adopts major stimulus measures or not depends on macroeconomic challenges and cost-benefit analysis.

China has vowed to deepen reforms and pursue higher-level opening-up to provide a strong impetus for establishing a new development pattern featuring dual circulation.

China has reaffirmed its stance of opposing unilateralism and trade protectionism, and not accepting any forms of unilateral restrictive trade measures, according to an MOC statement posted on its website.

China has pledged unwavering efforts in developing standards, conducting regulation, imposing penalties and seeking accountability to ensure food safety.