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Apart from strong GDP growth, China has also maintained a current account surplus, abundant forex reserves, sound fiscal conditions and stable financial systems, all helping support its currency.

Another decision made at the meeting said the procedures that a new firm needs to go through to become initially operational will be further streamlined. The whole business registration process will be conducted online. Government approval of the names of businesses before registration will no longer be needed unless specifically required.

Another important point worth reinforcing is that an escalating Sino-US trade conflict will also affect Asia as a whole, said a research note from Nomura Securities.

Another 2020 contender, former Texas Rep. Beto O'Rourke, tweeted at the president: "This is racist. These congresswomen are every bit as American as you — and represent our values better than you ever will."

Ann Xie, senior director of the digital retail consulting practice at J.D. Power China, said digitalization in after-sales service, dealers' efficiency and customer satisfaction have greatly improved, but they are not fully optimized or utilized.