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In this "new-type relationship", it is imperative to transcend the pattern of the traditional great power relationship and the Cold War mentality. As China said, both sides should overcome their ideological conflict and the difference in social system and respect the other side's political system, development path and socio-economic governance.

In this desperate situation, new Federal Reserve chairman Paul Volcker, who died recently, sharply raised interest rates, causing what was by far the steepest recession in post-WWII US history. Many businesses failed and unemployment rose steeply. Many people lost their homes because of the incredibly high interest rates, which reached 18 percent on home mortgages. Only very stimulative fiscal policy and large tax cuts saved the country from greater disaster.

Indonesia will maintain close communication and coordination with China in international and region affairs and support steady progress in China-ASEAN ties, he added.

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Industry insiders and analysts said such moves were understandable, especially when China has demanded that every carmaker in the country produce a number of new energy cars, starting from 2019.

Inclusive financing will change the reluctance of major banks to grant loans to startups, considering their small size and uncertain prospects, said Zhu Lijia, a professor of administrative reforms at the Chinese Academy of Governance.

In the wake of Wang's guidance, growing super rice has prevailed in the region, as 25,000 mu (1,667 hectares) of paddy fields in Yanggu'ao and more than 160,000 mu (10,667 hectares) of cropland in neighboring counties and towns have been transformed into super rice plantation fields.

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Inclusive financing will also cover credit support for small business owners, impoverished groups and students.

Increasing business income depends on economic recovery. The most important method is to have economic activities go back to normal by controlling the epidemic as soon as possible.

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Industry insiders said safety concerns are holding back the e-scooter craze. E-scooter firms are also challenged by government supervision.

Industry observers said the concept cars and mass-produced models of both Chinese and German brands this year demonstrated the trend toward electrification and intelligent vehicles, areas where their future cooperation could focus.