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And June welcomes the race with China, calling it a boon for the scientific and medical communities alike. "I think this is going to trigger 'Sputnik 2.0'," he told Nature magazine. "Since competition usually improves the end product."

Andrew Cohen in New York, Xinhua and agencies contributed to this story.

Analysts said that there is not a clear and proven business model for car sharing and many of the companies are affiliated to carmakers, which sold vehicles to them for winning government subsidies and amassing credit as demanded by the authorities.

Analysts at Central China Securities said in a research note that the measures rolled out at the meeting will further energize the economy, open up more monopolistic sectors to private capital, and encourage private investment in the research and development of fundamental technologies.

An overseas exhibitor details his company's solutions to Chinese visitors during the previous show in 2018. [Photo provided to China Daily]