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Given the advantages under "one country, two systems", Hong Kong can take Greater Bay Area development as an entry point to become a participant in domestic circulation and a facilitator in international circulation, Lam added.

Geely's innovation center in Hangzhou will also be used by Terrafugia. In anticipation of the transaction, Terrafugia's team of engineers in the US has been tripled over the past quarter with Geely's support.

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German auto giant Volkswagen signed a preliminary deal with China's Anhui Jianghuai Automobile, also known as JAC Motor, to explore making electric vehicles in a new joint venture last year. Industrial insiders expected approval to be issued in the first half of this year.

George said CRE trains have brought significantly more Chinese businesses to the terminals and Port of Duisburg. The products are no longer silk, tea or ceramics. Made-in-China laptops, mobile phones and textiles are the most popular products reaching Europe onboard the train, while made-in-Europe high value-added fine wines and vehicle spare parts are shipped to China.

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Generally, the RMB exchange rate against the US dollar and that against a basket of currencies based on trade have remained balanced, although sometimes the rates showed slight deviations.

General Motors said on Monday it is upgrading its advanced design center in Shanghai to more than double the current studio space and milling capacity, to tap into local Chinese talents to sharpen its competitive edge in China and worldwide.

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Georgieva said China's fast economic recovery is based on resolute measures in combating COVID-19, mitigating its impact and supporting growth.

Given their small populations and relative isolation, Pacific island countries may have been spared the worst of the COVID-19 pandemic, but they have not avoided the global economic downturn.