He said China has focused on investing in applications ahead of investing in fundamental research, open source tools and chip sets. The United States, on the other hand, has diversified its efforts.
He said he believes that DPRK-China relations will develop in a direction that conforms with the common interests of the two peoples.
He said efforts will be made to boost traditional industries through technical reform. Industries affected seriously by the outbreak, including automobiles, food, chemicals and textiles, will enjoy bonus policy to realize technical transformation.
He said strict epidemic control measures will be implemented to prevent the spread of COVID-19.
He said due to mounting fears over the virus, people would be reluctant to leave their homes to buy goods, let alone travel, and this would dampen the consumption front, such as the retail, dining and air travel sectors.
He said China can be the locomotive that supports economic recovery in the region and beyond. Consumption and investment from domestic and foreign sources are stimulating growth, and innovation across a range of industries is being encouraged with targeted government measures. In the second quarter of this year, China's economy reversed a 6.8 percent first-quarter decline to posted year-on-year growth of 3.2 percent.
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He said Canada was ready to work with China to "push forward cooperation in tourism, education, culture and people-to-people exchanges, in a bid to promote common prosperity and build long-term, stable and dynamic Canada-China ties."
He said 80 percent of companies in the country's chemical sector are medium-and small-sized firms with outdated equipment and inadequate safety control capabilities.
He reiterated that the US and China are closely interconnected and each country has a strong stake in the economic prosperity of the other.
He said startups must race to get established first, as seizing a leading position will prove crucial in the new round of competition in the automotive industry. "As you know, when traditional carmakers awaken, they will be really competitive," Niu added.