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Customs data showed China's foreign trade contracted by 6.4 percent in the first quarter to 6.57 trillion yuan (7.7 billion), with exports dropping by 11.4 percent and imports by 0.7 percent.

Cutting taxes and fees has been one of the most significant fiscal steps taken in recent years to reduce operational costs for businesses. Fresh reductions of taxes and fees this year are likely to be around 2.5 trillion yuan (3 billion), he said.

Currently, the Tesla Model 3 Performance version is manufactured in the United States and sold in China at a price of 509,900 yuan. The Model 3 Performance version made in China is expected to be delivered in the first quarter of 2021.

Cruise industries in the Greater Bay Area, mostly in Guangzhou, Shenzhen and Hong Kong developed at a fast pace in recent years, with inbound and outbound trips reaching 481,200, 364,600 and 1.73 million in the three cities respectively, according to sources from the Nansha district government.

Currently, Dow's business in China contributes roughly 15 percent of its total global revenue after Dow Corning integrated into Dow, and this figure is expected to reach 20 percent in the future.