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Geely said in a news release that it will make every effort to enhance the market competitiveness of Proton and Lotus and to foster the revival of the two brands.

Global energy giant Royal Dutch Shell Plc has announced plans to triple the number of gas stations it has in China to 3,500 by 2025, in response to the recent lifting of restrictions on foreign investment in the sector.

Given the prospects for stable economic expansion, analysts estimate that digging machine sales in China might grow over 20 percent year-on-year to 170,000 in 2018.

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Geir Pedersen, Norway's ambassador to China, said last month the two partners are likely to conclude a trade pact as soon as next year.

Gaynor, FEMA's deputy administrator, had been acting chief of the agency, which oversees the government response to disasters like hurricanes and wildfires.

Global sales of smartphones fell in Q4 because Chinese bought fewer units

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Gaynor's nomination to the post was expected. He will require a majority of the Senate to approve the nomination to take the job.

General Secretary Xi Jinping delivers a key speech at the Second Plenary Session of the 19th CPC Central Committee, held from Thursday to Friday. [Photo/Xinhua]

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Given investors' penchant for stocks of companies with strong fundamentals and amid strong liquidity in the US, the number of Chinese firms to be listed in the US this year could be around the highest level in the past decade, according to Hao Yusheng, chief representative of Nasdaq in China. There were 41 Chinese IPOs in the US in 2018, the highest annual figure since 2010, according to Wind Info.

Given the prospects for stable economic expansion, Lyu estimated that sales of construction machinery in China would grow 10 percent year-on-year in 2018, slower than the previous year.