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"Chinese carmakers cannot rely too much on their joint ventures for profit, which means they have to work harder on their own models. This will help cull the incompetent but cultivate the competitive such as Geely," Zhang said.

"Compared with Shanghai and Shenzhen, Beijing started earlier and developed faster," Nie said. "Beijing has been building innovation platforms and holding innovation contests to attract big companies and talent to participate, which have significantly raised investment efficiency."

"China will enter a new developmental phase and will use new ideas to create new opportunities that can further facilitate a more open dual circulation," he said.

"Considering the scale of banks in China, they should play a more important role in fintech innovations," he suggested.

"Competition will also lead to cheaper battery prices and more industry consolidation, and the rest of the domestic battery manufacturers will have to fight more fiercely for market share."