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"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.

"Chinese carmakers cannot rely too much on their joint ventures for profit, which means they have to work harder on their own models. This will help cull the incompetent but cultivate the competitive such as Geely," Zhang said.

"Credibility in the virtual world is as important as that in reality, so our fight against online violations must be strengthened," Zhu Wei, an associate professor of law at the China University of Political Science and Law, told China Daily on Tuesday.

"China's monetary policy should stay committed to its own course and stick with a prudent stance," Yi said, citing the country's economic expansion remaining within a reasonable range and a mild level of inflation as well as the need to keep debt levels stable and sustainable.

"Chinese firms are striving to become major contributors to the advance of AI technology," Wang said.