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Li said the aging trend has raised labor rights and social security concerns because labor laws do not acknowledge the working status of those older than 60. That has forced them to work casual arrangements without injury insurance and other employment benefits, she said.

Lilian Rincon, director of product management Google. (GeekWire Photo / Nat Levy)

Li said BYD has more than 50 customers for its electric buses, including municipal transit systems in Los Angeles and Denver, along with Stanford University and Facebook. BYD has also set up research and development facilities in the US, she added.

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Li made the remark during a visit to government offices tasked with ensuring epidemic containment, providing daily necessities, promoting the resumption of work and production, and coordinating the implementation of macroeconomic policies in Beijing.

Li noted that factors of uncertainty and instability are prominent in the international political and economic situation.

Li said in his Government Work Report this month that efforts will be made to further lighten the tax burden on businesses. The government will reform and improve VAT, consolidate the three tax brackets into two, adjust tax rates, prioritize lowering rates in manufacturing and transportation, and raise the threshold for annual sales volume for small-scale taxpayers.

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Li said in its IPO prospectus that it would use most of the proceeds raised for capital expenditures and research and development.

Li made the comment when meeting with Czech Prime Minister Andrej Babis after their participation in the seventh Leaders' Meeting of China and Central and Eastern European Countries in Sofia, Bulgaria.

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Li said China is falling behind in areas of basic AI theory, and existing research institutions and companies in China have not formed an AI industrial chain.

Li said despite being the third country that has successfully commercialized shale gas and the sector might become a growing factor, China is currently far inferior to the US in shale gas commercialization mostly due to technological challenges.