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"China's smartphone market is declining because consumers are holding on to their phones for longer, operators like China Mobile have reduced their smartphone subsidies, and device makers such as Huawei have launched fewer 'wow' models to tempt shoppers back into retail stores. Some consumers are finding their smartphones 'good enough" and are pausing on upgrading," Neil Mawston, executive director at Boston-based Strategy Analytics, said in an email.

"Chinese auto brands have made great strides thanks to improved quality and after-sales services, and sometimes they even outperform certain global names," Shi said, adding that many of the company's exported vehicles were shipped from Chongqing to Shanghai via inland waterways.

"Compared with the existing line, the new railway boasts a faster speed and it will be akin to buses, bringing more convenience to passengers. After entering operation, it will greatly promote the coordinated development of the region," Kang said.

"China's current foreign debt ratio is much lower than the international level," the ministry said.

"Chinese consumers are becoming increasingly sophisticated. It is an opportunity that we can not afford to miss out on," she said.