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Apart from these three, 14 cities — Shanghai, Beijing, Guangzhou, Shenzhen, Chongqing, Tianjin, Suzhou, Chengdu, Wuhan, Hangzhou, Nanjing, Qingdao, Wuxi and Changsha — have already entered the club.

Ankai's latest annual report released in March shows that it sold 8,718 buses in 2017, which was 14 percent less than the previous year. "But rapid growth was seen in exports in recent years, partly thanks to the Belt and Road Initiative," Dai said.

Another industry organization, the China Association of Automobile Manufacturers, had the same estimate. Its executive vice-president Fu Bingfeng told Reuters that the fall could reach 10 percent in the first half of the year.

Announcing the decision, the highest justice authority said in a statement that courts around the country need to strictly distinguish between economic disputes and economic crimes, as well as to clarify the boundary between financing and illegal fundraising.

Another decision made at the meeting said the procedures that a new firm needs to go through to become initially operational will be further streamlined. The whole business registration process will be conducted online. Government approval of the names of businesses before registration will no longer be needed unless specifically required.