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Cranley is not deterred by the current trade skirmishes going on between China and the US. "I think the world will be a better place if we can figure out how to get along.

Considering the situation, Lang said the authorities should offer a three-month grace period to help sell the older vehicles.

Corporate bond yields in China have been rising for the last few months－and companies are feeling the pinch.

Consumption is expected to reach 230 billion cubic meters this year with 20 billion cubic meters coming from the coal-to-gas transition, said Xu Bo, senior analyst with China National Petroleum Corporation's (CNPC) Economics and Technology Research Institute.

Consumers check out a Teddy Bear products at a Tmall themed-store in Oriental Pearl Tower in Shanghai on Aug 25. [Photo by Niu Jing/For China Daily]