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"China saw a dip in car sales last year, but we think of it as a marker of China's transition into a developed market," said Enno Tang, president and CEO of Continental China.

"China will become the No 1 market for Nissan, definitely, no doubt. It's not only because the Chinese market is growing fast, but also because of our good partnership and strong leadership in the country," he said.

"China's white paper stipulating its policies in improving employment and protecting labor rights in Xinjiang is a welcome step," said Shabbir, adding that the paper "highlights China's commitments to international labor laws and conventions".

"Chinese government gives subsidies to both producers and consumers of EVs. It not only boosts EV sales, but also helps realize environmental protection goals," he said, adding that the government also encouraged EV producers to invest more on research and development.

"Considering that the Chinese economy has not yet completely returned to normal, those industries and companies hard-hit by the pandemic are still facing relatively high pressure, and their ability to repay loans continues to weaken," said Belinda Zhang, PwC China financial services partner.