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The arrangement is part of a 10 billion yuan (.45 billion) deal the two signed last year relating to new energy and smart cars, as well as connectivity technologies.

The announcement of schedule for the ROK-US military drills would throw a wet blanket on the emerging signs of a thaw in ties between ROK and the Democratic People's Republic of Korea (DPRK), which denounces the war games as a rehearsal for northward invasion.

The agricultural goods from this South American country will comprise vast exports on offer, from wineries to producers of honey, olive oil, beef, rice and garbanzos, he said.

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The announcement came after a State Council's executive meeting Wednesday, which decided that the country will implement a slew of measures to cut the VAT rates, making sure that tax burdens on all industries will only go down, not up.

The arrangement enables Hong Kong solicitors and barristers to provide legal services regarding specified civil and commercial affairs, including litigation and non-litigation businesses, using the mainland's applicable laws in the Bay Area.

The annual average growth rate of main businesses in the IC industry in the province is expected to reach 30 percent by 2020, the report said.

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The agreement was reached after the two-day ASEAN-ROK Commemorative Summit was held in Busan, the southern port city of South Korea, to celebrate the 30th anniversary of dialogue partnership between the two sides. ROK stands for the Republic of Korea, South Korea's official name.

The arrangements are also part of Beijing's efforts to continue pushing forward the peaceful and diplomatic resolution of the Korean Peninsula nuclear issue, in order to keep the current positive momentum, he said.

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The all-new Nissan Leaf full electric vehicle. [Photo provided to chinadaily.com.cn]

The ambitious target was set after China quickly recovered from the economic effects of COVID-19. It is also in line with the proposals for drafting the 14th Five-Year Plan (2021-25), which recommended policy push to boost spending in emerging sectors, including NEVs, in coming years.