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"China is one of its most targeted markets," Aniel said.

"By further reducing the burden of manufacturing enterprises, it will help promote the investment and development of the sector, and thus form a benign cycle. Tax cuts and fee reduction are an important measure to help lower the costs and they will help manufacturing companies to raise their product qualities," said Liu Xiangdong, an associate researcher at the economic research department of the China Center for International Economic Exchanges.

"China has always made a big play about wanting to do international collaboration," Harvey said.

"But the foreign exchange reserves are expected to remain stable in the future" because of China's sound economic growth momentum and its deepening of opening-up in its financial sectors, as well as the steady global economic recovery, according to the spokesperson.

"Certainly, this is going to be a negative for the vehicle market," Chesbrough said.