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"Following the reform of ChiNext, the registration-based IPO system will be implemented, mainly targeting fast-growing innovative startups. To a certain extent, it fits in with the development needs of the new economy and new infrastructure," Yang added.

"Given China's record of successful reforms in the past decades, and the authorities' strong commitment and determination, we are confident that China will rebalance to a sustainable growth model," he said upon concluding a visit to China last month.

"For example, they will be barred as suppliers in government procurement, their allowance from governments will be suspended or canceled and related departments will impose restrictive measures when they apply for stock issuance, bank loans or other things," he said.

"Following a road map for future in-depth cooperation, China and ASEAN are on course for a closer community with a shared future," he said.

"Fuyao's business in US is growing steadily." Liu estimates that the sales revenue of the company will reach 0 million, and the profit million to million this year.