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China is also undergoing a critical stage of moving from a manufacturing powerhouse to a smart-manufacturing center, which will generate more opportunities, Yang said.
China is planning to draw up standards on smart, internet-connected vehicles as well as autonomous driving, one of the nation's latest efforts to take the lead in the fast-evolving sector.
China is in the global spot-light as it maps out the 14th Five-Year Plan (2021-25), which will set the tone for the country's economic and social development in the coming years.
China has vowed to take substantial efforts to further open up its financial sector to foreign investors. It has, for example, allowed foreign enterprises to take as high as 51 percent of shares in Chinese securities, fund management, futures and life insurance companies and the cap will be eliminated in 2021.
China has the financial resources and the competitive advantages, Woodward said, adding that "investment coming from China will grow probably at a higher rate than European investment."
