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And it is something that the Chinese authorities would like to see. In a document released in June 2017, the NDRC said that "carmakers are encouraged to make the most of international technologies, capital and human resources to raise the level of China's new energy vehicle sector".

Andy Zhou, a Shanghai-based partner of Deloitte Consulting, told China Daily that many traditional carmakers may not be moving quickly enough to develop emerging new technologies or communicate their plans to potential customers.

Analysts estimate that a reasonable valuation of Toshiba's chip business is between .5 billion and billion, and those familiar with the matter say that the second-highest bidder offered in the region of trillion at the end of March, according to a Bloomberg report.

Analysts said that they suspected the utilities had responded to the latest call on reform by the authorities and halted share trading, because the coal and electricity giants were holding merger talks.

An motorcycle is on display at the 2018 China International Bicycle Fair in Shanghai, on May 7. [Photo by Zhang Kun and Gao Erqian/chinadaily.com.cn]