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"Currency needs to find the right level, I don't worry about Chinese renminbi depreciation," said the EBRD president, who shared an optimistic outlook on the world's second-largest economy.

"Chinese auto brands have made great strides thanks to improved quality and after-sales services, and sometimes they even outperform certain global names," he said, adding the future development trend of the auto industry should be the deep integration and collaborative innovation between traditional automakers and internet companies.

"Continuous progress is being made in mergers and acquisitions among SOEs, involving not only the fusing of management but also resources and corporate cultures," Peng said.

"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.

"China's smartphone market is forecast to drop 12 percent in 2018, which definitely weighed on all vendors, but it is worth noting that even within such a tough situation, Chinese players Huawei, Xiaomi Corp, and Vivo all managed to maintain growth in the first nine months of last year. In the same time frame, Apple, however, dived 12 percent," Jia said.