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"China is the No 1 growth market in the world, and they have been clear about their intended leadership in bringing hybrid and electric vehicles to market," said Don Walker, Magna CEO.

"China looks forward to more communication, coordination and interaction among the various free trade initiatives in the Asia-Pacific region, so that each can play its own and constructive role for less trade protectionism and a more open global economy," he said.

"China can position itself as a world leader, with expectations that autonomous vehicles will be capable of being deployed by 2025 or 2030," Philip Ng, a partner at KPMG in China, wrote in a research note. "Key drivers include the scale of China's auto industry as the largest market in the world by production and sales and its focus on technology and innovation, supported by the 'made in China 2025 plan'."

"China has signed 18 regional trade agreements involving 64 trading partners. But many companies have said they haven't made full use of the FTAs simply because they do not understand whether their goods are eligible for preferential tax rates," said Shang Yuying, director of the Shanghai Commerce Commission.

"China is the world's largest smartphone market. Samsung's limited presence in China has considerably harmed its business," Xiang said, adding that Samsung's business in India is also heavily affected due to city lockdowns.