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"China started from a relatively low baseline at the beginning of the reform and opening up, but showed an extraordinary willingness to learn and adopt some of the best technologies of the time."

"Competition among AI companies has turned to a scramble for talent," said Liu Wanqian, CEO and founder of PlusAI, a startup specializing in autonomous driving. It boasts a road test license in California.

"China's anti-corruption drive has played an essential role in consolidating the country's political stability and has boosted people's confidence in sustainable social and economic development," he said. Jiang said the current high level of pressure being applied against graft is expected to last even though a new CCDI is expected to be elected at the 19th CPC National Congress.

"China's fast and effective control of the pandemic helped restore consumers' confidence, which is crucial for big-ticket items like cars," said Thomas Fang, vice-president of consulting firm Roland Berger's China office.

"Comprehensive and highly efficient logistics systems have become the core competence of enterprises to attract customers, especially for e-commerce platforms and express delivery companies," Xia said.