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Chinese equity benchmark CSI 300 Index would rise to 5,700 points by the end of 2021, up from the close of 4,942.7 points on Wednesday, according to the firm.

Chinese economy has transitioned from a phase of rapid growth to a stage of high-quality development, said Xi, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, warning that old ways of thinking might lead China almost nowhere and miss precious opportunities.

Chinese car users have a tradition of having a long drive back home during holidays and the authorities are mulling an intelligent connected vehicle development road map, according to Jacques Foulquier, Dongfeng Renault's vice-president responsible for research and development.

Chinese auto manufacturers are expected to build smart plants in the near future, though they remain one generation behind the world's leading carmakers in deploying Industry 4.0 technology.

Chinese policymakers have increased the emphasis on reforms in some areas of the economy, facilitating access of foreign firms to the industrial and finance sectors, which if effective would contribute to increasing competition and supporting productivity, Moody's said in a press release.