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Any such tax cut would need congressional approval. President Barack Obama cut payroll taxes in 2011 and 2012. The taxes fund Social Security and Medicare.

Apart from Xi's thought, a wide range of new ideas, thinking and strategies put forward by the CPC Central Committee with Xi at the core, have been added to the Constitution, including giving play to the decisive role of market forces in resource allocation, advancing supply-side structural reform and enhancing the country's cultural soft power.

Anticipation of new mainland-HK trading link offsets many other positives

Another major carmaker that has been advocating battery swapping is BJEV, one of the country's largest electric car makers.

Another highlight of the new measures is relaxing the limitation on exporting human genetic material from the mainland to Hong Kong and Macao, which will definitely boost the development of Hong Kong's biotech sector, said Stanley Sy Ming-yiu, chief executive of Hong Kong biotech startup Sanomics.