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"Car buyers should not have unrealistic expectations for price reductions, and they should make reasonable choices according to their needs and purchasing ability," Cui added.

"China is transitioning from the high-speed growth stage to a new phase of high-quality development," the NDRC noted in a statement posted on its official website on Wednesday. "With the new round of technological revolution and industrial transformation, the domestic and global environment has undergone profound changes. The previous version can hardly adapt the new changes in the new situation."

"Challenges and competition can only make strong companies stronger," Wang said. XCMG converted the slump into an opportunity to review its weaknesses and come up with corresponding solutions.

"China is now showing its charm in the new era, providing more chances and opportunities to the world, and will be an attractive dreamland to the younger generations worldwide," he said.

"China has been the second-largest life insurance market in the world, but market potential remains large as the population ages and spending on healthcare increases", Su added.