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The association was upbeat about the outlook at the beginning of this year. However, the rapid growth seen in 2017 is now over, with demand growing at a significantly slower pace this year.

The association estimated in December that China's auto market would fall by 2 percent year-on-year in 2020. It had fallen for two years in a row in 2018 and 2019.

The benchmark Shanghai Composite Index rose 0.17 percent to close at 3,279.71 points, while the Shenzhen Component Index ended 0.67 percent higher at 13,110.07 points.

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The base, with a total investment up to 70 billion yuan (.4 billion), is expected to bring in 150 billion yuan in annual sales and 3,000 job opportunities.

The association cut its whole-year sales estimate from 1.6 million to 1.5 million for the new energy vehicle sector.

The average total working hours in July was 183 hours, up 6.9 hours from the same period last year.

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The biggest achievement coming from the latest trade talks is the consensus that there will be no trade war and both sides will stop placing tariffs on one another, Liu said at a news briefing on Saturday.

The bank said it will also take advantage of technology to help solve financing difficulties among small and medium-sized private enterprises by providing differential and precise services.

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The average wage of urban employees in the public sector rose 10 percent to stand at 74,318 yuan (,600) for the year, while in the private sector the average salary rose 6.8 percent to 45,761 yuan.

The biggest uncertainty faced by the global economy is not the COVID-19 pandemic itself or the related economic recession, but the rising political uncertainties, Zhu said, citing that different economies seem to be less willing to cooperate with each other than during previous crises.