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"But they will again face the challenge of overcapacity this year," said Dong.

"China is pretty big geographically, so it may make sense to have factories in other parts of China in order to reduce logistics costs," said Musk at Tesla's annual shareholder meeting in Mountain View, California. "The faster you scale, the more cash you have."

"China needs to deepen high-level economic and trade cooperation with Japan, the Association of Southeast Asian Nations, the European Union, Russia and countries and regions involved in the Belt and Road Initiative. And China also needs to actively participate in and promote the development of a rules-based international trade and investment system."

"China is already in the driver's seat with respect to the adoption of IoT technology, mainly driven by favorable government policies and fierce market competition inside the world's largest electronics manufacturing powerhouse," said Charlie Dai, principal analyst at Forrester, a business strategy and economic consultancy.

"China is developing very fast and will play more important roles in the world. The two countries must promote cooperation in many areas, but how can cooperation go well if our next generation doesn't understand Chinese?" Cho asked.