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As China plans to implement a new round of reduction of value-added tax rates starting from April 1, experts predicted the total VAT cut will surpass 900 billion yuan (4.03 billion) this year, Shanghai Securities News reported.

Arcfox's first production model is to hit the market in 2020, and future models are to be sold globally, according to one of its executives.

Around 12 percent of Philippine households depend on the remittances that such workers send, according to the 2018 National Migration Survey. Their remittances also provide foreign exchange revenue to the country's coffers. In 2019, remittances reached a record high of .5 billion, accounting for roughly 10 percent of GDP.

Applauding China's stance, Erik Solheim, executive director of the UN Environment Program, believes the move will open up opportunities. "A shift away from dirty, polluting practices will be a huge benefit for public health. China also stands to gain from being on the cutting edge of new sustainable technologies like renewable energy and clean transport. China will also gain from better energy security."

Armed police rescue villagers besieged by floods in Quanzhou county of Guilin, Guangxi Zhuang autonomous region, on Sunday. WANG ZICHUANG/FOR CHINA DAILY