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Analysts said the equity change will help boost its development in China after 15 years of localized production at its joint venture BMW Brilliance Automotive.

And now is "not the time" to let a concern about fiscal deficits "get in the way of us winning this battle", Powell added.

Angola's mild climate, fertile soils, plentiful flora and fauna also make the country rich in agricultural resources, the minister said, adding that this is an area Chinese investors can help explore.

And like other megalopolises in China, Chengdu and Chongqing need to tackle regional administrative barriers. Local governments need to set up joint conference work mechanisms and work plans to coordinate development and resources.

Anhui Jianghuai Automobile Co, or JAC Motors, is one example of a domestic manufacturer that has shifted its business model towards the future and is developing into the new automotive business environment.