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And China's rapid urbanization means this transformation will come much sooner here than in other countries. In light of this trend, China has set up comprehensive plans to transform and upgrade its automotive industry.

And with the European Union retaliating against US tariffs and launching measures in response to the US sanctions against its companies doing business with Iran and Russia, US unilateralism is at the cost of its prestige and image as the world leader.

And the trend is expected to continue with a slew of support measures ranging from individual income tax cuts and developing elderly and child care sectors to preferential policies on the purchase of new energy vehicles.

An ongoing meeting of the Standing Committee of the National People’s Congress, the country’s top legislator, is deliberating a proposal to assign part of the 2019 special bond issuance quota to local governments as early as January. The quota will be disclosed soon, according to the schedule.

And with China's drive to become an advanced manufacturing hub, the number of innovations from the country is likely to soar.