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Analysts cited the ferocious efforts of international brands to expand their market share in China, the world's largest car market. Especially as Chinese customers had a preference for overseas brands, particularly in light of a slowdown in the market.

Analysts said that given the Chinese leadership's strong determination and steady growth of the economy, the deleveraging was unlikely to reverse.

And Antonov also said that it's important to "deal with the results" of the two men's summit in Helsinki this week before moving ahead too fast with another meeting.

And Elon Musk's SpaceX and Jeff Bezos's Blue Origin are also in the race to send tourists into space.

An organization under the Food and Health Bureau has been established to develop the traditional Chinese medicine (TCM) industry, said Lam.