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"China has carried out major reforms on adjusting economic imbalances, such as taking corporate deleveraging as a primary task, which will ensure a more healthy and sustainable economic development from a mid - and long-term perspective. The country also ramped up efforts to open up further and shortened its negative list for foreign investors," said Wu Yibing, head of China affairs at Temasek.

"China has the most complicated traffic scenarios in the world, so the BMW Group's automated driving R&D in China has become an important part of autonomous driving development worldwide," the German carmaker said in a statement.

"Canadians cannot believe how China has risen so quickly and they are beginning to realize that China is becoming more important to us. We need to engage more with China."

"China is an essential part of our long-term strategy. We are confident in the market's future development," Koay said.

"China can position itself as a world leader, with expectations that autonomous vehicles will be capable of being deployed by 2025 or 2030," Philip Ng, a partner at KPMG in China, wrote in a research note. "Key drivers include the scale of China's auto industry as the largest market in the world by production and sales and its focus on technology and innovation, supported by the 'made in China 2025 plan'."