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As China aims to build a number of world-class, role-model SOEs that lead the way in high-quality development, it would be economically beneficial for more companies of this kind to participate in mixed-ownership reform to bring private capital into SOEs, said Lin Wei, a Global Strategy Group partner at KPMG China.

Around 150 brands from home and abroad have displayed more than 1,400 models of vehicles online and offline at the 17th China Changchun International Automobile Expo.

As China reduces excessive capacity in the coal mining, steelmaking and power generation sectors, coal-rich Guizhou province in Southwest China is digging further into eco-friendly drivers of economic growth with the help of Agricultural Bank of China Ltd, which is making the same adjustments to its direction of lending.

As China's commitments to the World Trade Organization have further opened the country's automotive sector including cutting tariffs, liberalizing joint-venture stocks and gradually removing subsidies from certain types of vehicles, Xu stressed, manufacturers in China must face this reality and take effective measures to seek new growth points through innovation and new business models.

As China's economic drivers, internet, automobile and new technologies like artificial intelligence and big data will continue to be the hotspot for R&D spending, said Xu Huchu, managing director of PwC Strategy & in China.