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Combined sales in China of the two carmakers reached 72,032 vehicles in March, down 52.2 percent from a year ago. It marked the first time since February last year that the combined figure fell below the 100,000 level.

Compared with the San Francisco Bay Area and Sydney Bay Area, the Greater Bay Area shows stronger research and development capabilities but needs to catch up in entrepreneurship, according to the report.

Conglomerates also face challenges, such as varied business environments in foreign countries, according to Chen.

Combined forces from the Republic of Korea and the United States will launch their joint military exercises from April 1, Seoul's Defense Ministry said on Tuesday, with speculation that this year's drills might be toned down.

Comprised of the land-based Silk Road Economic Belt and the 21st-Century Maritime Silk Road, the Belt and Road Initiative, proposed by the Chinese mainland, aims to build a trade and infrastructure network connecting Asia with Europe, Africa and beyond.