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"Constraints over local governments' budgets will be made more binding," it said, noting that "disorderly use of debt financing for construction will be resolutely stopped and the governments' bond issuance practices will be standardized."

"Chinese government gives subsidies to both producers and consumers of EVs. It not only boosts EV sales, but also helps realize environmental protection goals," he said, adding that the government also encouraged EV producers to invest more on research and development.

"China's impressive economic development and Israel's innovative technologies are complementary to each other and present vast potential for mutual benefits," said Ophir Gore, head of the Trade and Investment Mission at the Embassy of Israel in Beijing.

"Chinese customers love the Porsche brand that is designed and engineered in Germany, and that is for us quite an important criterion," he said.

"China's large and rapidly expanding market, combined with its complete industrial system, high-quality infrastructure and deepened opening-up policies, are all huge attractions for foreign capital. While many industrial chains were hit by the pandemic, the resilience of the supply chains will top the company's global mapping agenda and prompt adjustments," said Kang.