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Analysts said China's progress in 5G, which enables a much faster data transmission speed, will give a helping hand in facilitating the development of autonomous driving technology in the country.

Analysts said the price increase of Chinese beer reflected upgraded consumption in the world's second-largest economy, as increasingly affluent consumers are less sensitive to prices but crave more high-end packaging and brands.

Angel Pascual-Ramsay, director of Global Risks at ESADEgeo-Center for Global Economy and Geopolitics, said: “Spain can be a good ally for China, our histories have a lot of similarities, we both understand the need to balance economic growth with social stabilities, and economically we are very open to Chinese investment.”

And 45 percent of the manufacturers hold the view that New Retail will have a profound positive impact on the overall retail business, while 48 percent think New Retail will hurt the retail industry to a certain extent.

And it is the antics of the Tsai administration that have prompted this move.