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Baidu ventured into the autonomous driving space before its two rivals Alibaba and Tencent. The biggest search engine in China set up a base in Silicon Valley in 2011. It already has an autonomous vehicle testing permit in California.

Bajaj could have been speaking not only about India but emerging economies with large populations. China's current population of 1.4 billion exceeds India's 1.36 billion (although India is forecast to be the world's most populous nation in a few years).

Base effect is the main factor behind the falling CPI, said Lian Ping and Tang Jianwei, analysts with the Bank of Communications, in a research note.

Badrah Said Ali, 26, from Madagascar, is one of the African students awarded scholarships at Nanjing University of Chinese Medicine. MELANIE PETERS/CHINA DAILY

Bank valuations have been relatively low despite better results by several Chinese banks this year as against the previous two years. It shows that the stock market is more concerned about the potential financial risks in the next few years, Zeng said.