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"Despite a late start, China has made rapid progress in hydrogen development, mastering core technologies of the hydrogen fuel cell," said Zhang Qingjie, president of Wuhan University of Technology.

"Expanding channels for small and medium-sized banks to replenish capital will further improve their risk resistance capacity and the ability to serve agro-related businesses and micro and small enterprises. This is important for safeguarding employment, people's livelihoods and the development of market entities," he said.

"Even if we wanted to, it would be difficult to lower our exposure to China-made parts," an executive at a Japanese automaker told Reuters, adding that over the past decade, Chinese suppliers had upped their game and now provide a vast range of quality, low-cost parts.

"Fed chief Powell obviously didn't commit to easing at his appearance on Capitol Hill this week, but gave enough hints that more monetary (easing) mmunition is available," Khan said.

"Digital transformation is the core driver for upgrading and pushing high-quality growth of China's automotive industry," he said.