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"Competition is rising in the US," Joji Tagawa, a Nissan corporate vice-president, said on Thursday at the company's earnings briefing in Yokohama, Japan.

"China should drive the need rather than being a follower," he said.

"Considering China's domestic situation, which is at a different stage of the economic cycle compared with the US, China now should not tighten (the monetary policy), but may moderately ease under some circumstances," said Yu Yongding, director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, who served on the Monetary Policy Committee of the People's Bank of China from 2004 to 2006.

"Currently, we sell about 450,000 smartphones in China every day," Ren said in late March. "As the demand further recovers, monthly sales are expected to reach 20 million units later this year."

"China's experiences will benefit other countries as well, as more countries see China as an example to emulate, a model of development that could mean moving from rags to riches within a generation," Hofman added.