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"China has grown from being a beneficiary of internet development to being a contributor and leader in certain internet technologies," said Ren Xianliang, deputy director of the Cyberspace Administration of China.

"China has the advantage of having both the fiscal and monetary pushes to help stimulate the recovery, while most other economies that will face the same economic headwinds do not have the same level of playing cards at their disposal," Ahmad said.

"By making this adjustment, the regulator hopes that banks will fully expose their non-performing loans and truly disclose their risk situation with more accurate capital adequacy ratios and coverage ratios of allowance for loan impairment losses to NPLs. It will be favorable for them to write off and resolve bad assets," said Xiong Qiyue, a research fellow at the Institute of International Finance at Bank of China Ltd.

"But the US hasn't thought through what their actions might lead to and how it's going to impact adversely on the US," he said. "It is a very short-sighted move, because ultimately you can't prop up inefficient industries forever."

"Byton's core management team combines the R&D and manufacturing experience of traditional premium carmaking with strengths in digital innovation and technology, thanks to our group of talents in automotive design, engineering and manufacturing, electrical powertrain, smart connectivity, autonomous driving, intelligent car experience, supply chain management, marketing, and more," said President Daniel Kirchert.