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"Challenges and competition can only make strong companies stronger," Wang said. XCMG converted the slump into an opportunity to review its weaknesses and come up with corresponding solutions.

"But the possibility of that happening is slim," said Li Daokui, head of the Schwarzman College at Tsinghua University. Li served on the Monetary Policy Committee of the People's Bank of China for two years until March 2012.

"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'."

"China expects this year's meetings to focus on East Asia cooperation, jointly safeguarding multilateralism, maintaining free trade and international rules, and promoting regional economic integration."

"But there are still no consolidated business regulation and technical specifications for code scanning payment. There will also be risks in the process of generating and transmitting codes," said the central bank.