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Both traditional vehicle makers, such as Toyota, BMW, Audi and Volvo, and tech giants including Apple, Intel, Uber, and Baidu, have collectively pumped billions of dollars into driverless vehicles in an attempt to advance the technology, test safety, and bring commercial products to the market.

But China is still and will long remain in the primary stage of socialism. Its international status as the world's largest developing country has not changed, Xi said.

Businesses will be supported in raising funds through equity and bond issues, and to set up financial leasing companies. More will be done to bolster shipping finance, such as public-private-partnership.

Buoyed by the recent boost in consumer sentiment, analysts believe that the country's consumption will continue to rebound. Favorable factors such as continued government policy support, new promotion measures by the enterprises and increasing consumer confidence will pave the way for a stronger recovery in the second half.

Brose' business usually starts from a self-developed prototype, then joins hands with local automakers to tailor suitable solutions and parts.