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But Qoros spokesman, Michael Ning, has a different opinion: "Cutting prices is not the right way. Instead we need to boost our brand image, which is the most important thing for Qoros' long-term development."

But Wang cautioned against over-optimism, saying more time was needed to embrace a comprehensive recovery as the bouncing-back was still short and entrenched problems remain unsolved.

But Chinese firms may be two years ahead of the global target. Baidu plans to launch "small-scale production" of fully autonomous mini-buses this July, according to Robin Li, CEO of the Chinese tech giant.

But over the past several months, Washington has unleashed hawkish rhetoric against Beijing and rolled out a raft of protectionist trade measures.

But not all people applauded the move. "The price hike will increase the burden for myriad migrant workers who come from outside the city," said one Guangzhou resident, who refused to give his name. "Many of them don't have local medical insurance and have not yet been included in the healthcare system."