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"China is following the European countries' technological road map to develop new energy vehicles. The government's willingness to work out a timetable is further evidence of the move toward new energy vehicles," Sun said.

"China already has goods and services FTAs with ASEAN, which are working well," said Amitendu Palit, a senior research fellow and lead for trade and economic policy at the Institute of South Asian Studies in Singapore.

"China is already the largest market for electrified vehicles, and the gap between China and Europe and especially the United States will increase in the next years," said Continental Chairman and CEO Elmar Degenhart.

"China can export these integrated technology solutions, but relevant regulations should be implemented according to global standards," said Urs, who frequently travels to different parts of China for his advisory business.

"But the space on the monetary side is limited as we need to stick to efforts to promote deleveraging moves, while room for fiscal expansion remains ample - more tax cut policies can help to soothe economic concerns, in particular value-added tax," he said.