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"Customers will see more luxury automakers following suit. It's essentially a reaction to the lowered VAT rate," said Ron Zheng, a Shanghai-based partner with consultancy Roland Berger.

"Contrary to the accusations made by the prosecutors, I never received any compensation from Nissan that was not disclosed, nor did I ever enter into any binding contract with Nissan to be paid a fixed amount that was not disclosed," Ghosn told the court.

"Chinese shoppers have become more rational, and they are not blindly following the crowd to imitate others. They want products with both commercial culture and consumer mentality," said Pan, adding localization of global brands must keep pace with the times to stay competitive in the fast-changing Chinese market.

"Constant contact and close coordination are the best medicine to ensure that the economic pain inflicted by the virus is relatively short-lived," Georgieva wrote in a blog, which is part of a special IMF series on the response to the coronavirus.

"China's friendship has spread to every corner of the country," Amarasinghe said.