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"China resolutely follows the path of peaceful development and upholds a defense policy that is defensive in nature," he said. "China's military spending is open, transparent, and grows at a moderate level."

"Chinese carmakers responded fast to local market trends like SUVs, so they could develop fast in the past decade," Li said.

"Chinese companies are really able to grow very quickly and a lot of them are very large. If we can make these companies our customers, it will generate handsome business volume," he said. "Chinese customers are learning quickly. They are very interested in learning innovative content and from other organizations."

"Customers will see more luxury automakers following suit. It's essentially a reaction to the lowered VAT rate," said Ron Zheng, a Shanghai-based partner with consultancy Roland Berger.

"Companies from both nations are highly complementary, showing great potential and broad prospects for cooperation in third-party markets," Wang said. "Austria has unique advantages in fields including mechanical equipment manufacturing, environmental protection, engineering design and healthcare. China has rich experience in fields such as infrastructure, energy development, machinery and equipment and financing."