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"Competition is one of the best mechanisms to promote innovation, and help maintain the vitality of every company." he said.

"China's sharing economy market and the employment in the sector witnessed rapid growth despite rising macroeconomic downward pressure," said Yu Fengxia, deputy director of the Sharing Economy Research Center.

"Conversely, emerging countries such as China, with their growing influence, are eager to find an independent path of sustainable development," he said.

"China's auto production and sales are likely to hit about 25 million units this year, similar to that of the previous year," Meng said at a news conference in Beijing. "And the production and sales of new energy vehicles are expected to exceed that of 2019."

"China will continue to be the world's largest market for products and services, such as industrial goods, food and healthcare services, which will offer enormous opportunities to global companies," Wang added.