Hydrogen is expected to play a much larger role in China's decarbonization, especially in industries like steelmaking and aviation, where there are few clean energy alternatives, analysts said.

EU companies will also be able to export aluminum tariff-free.

"Steel is a key foundation industry and it is absolutely essential that it receives practical support from the government," he said.

Chen also outlined a series of goals to achieve in terms of green transformation across raw material industries by the end of 2025.

Chinese authorities unveiled a plan to facilitate the development of the country's raw materials industry during the 14th Five-Year Plan period (2021-2025).

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