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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.

"Co-owned housing will have little impact on the property market in the city, as the number of co-owned houses still represents a very small percentage in Guangzhou," he told China Daily.

"China's rejection will only push the global waste recycling technologies to make breakthroughs," he said. "Yet, for some countries that habitually export solid rubbish to China, it is hard to accept this reality."

"China will continue to maintain steady momentum, advance structural reform, promote high-quality economic development, and seek progress while maintaining a stable performance in terms of employment, finance, foreign trade, investment, investment and expectation." Ning added.

"China's economy, despite downside pressure, is likely to remain steady this year, as external headwinds may ease in the coming months and the effects of countercyclical macroeconomic policies gradually appear."