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Chinese banking authorities also announced new loan policies to allow buyers of NEVs to borrow a larger portion of the purchase price. Starting in 2018, NEV buyers will be able to borrow up to 85 percent of the cost from banks, up from the previous 80 percent.

Chinese companies including State-owned enterprises or SOEs have to tread the path of overseas M&As with care and caution, he said.

Chinese enterprises spent more than 1.37 trillion yuan on R&D last year, up 13.1 percent from 2016, while R&D spending at government institutions and colleges increased 7 percent and 5.2 percent, respectively.

Chinese e-commerce giant JD will lay off 10 percent of its senior executives this year, as the company looks to maximize its resources and focus on strategic layout and the coordinated development of diversified businesses.

Chinese companies witnessed the highest growth last year among leading patent filing countries at the European Patent Office, or EPO, according to a report released on Thursday.