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As concerns over climate change have been rising, China has become both the largest manufacturer and buyer of EVs in the world and currently accounts for more than half of all electric cars.

As countries are seeking ways to revitalize their economies to mitigate the impact caused by the COVID-19 pandemic and weak goods demand, he said US unilateral action will damage the hard-fought results aimed at de-escalating tensions and bilateral trade disputes. It could escalate the risks of a new round of tariffs.

As for the regional economic outlook, he said that economic growth in the region remains solid, while there is much discussion about a slowdown and uncertainties in the global economy.

As domestic and external uncertainties may still weigh on domestic demand, and prudent monetary policy will work to prevent liquidity overflow, the rise in pork prices itself is unlikely to pose major inflationary pressure, Niu said.

As blockchain technology has been described as a key to the fourth industrial revolution, the fair this year will hold a seminar to discuss blockchain technology applications and the sharing economy.