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"But the government is able to cope with the challenge of revenue loss by reducing unnecessary spending," Shi added.

"China is willing to work with France to inherit the past and create the future, enable our close and enduring comprehensive strategic partnership to continue leading the way, and make more historic contributions to building an open, inclusive, clean and beautiful world that enjoys lasting peace, universal security and common prosperity," Xi said.

"But most producers don't have enough money for their R&D work. With the support of the fund, domestic suppliers can bring in more advanced technology from abroad through investments, and mergers and acquisitions," Lin added. "This will in effect help domestic companies to grow faster and produce more competitive products."

"China is not only the largest single market for the BMW Group worldwide, but also a trendsetter of innovation and future consumer trends," Goller said.

"But the government needs to boost the private sector to ensure that the economy grows in a healthy way."