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Analysts say the results of Mercedes-Benz and smart were extraordinary, considering that car sales in China last year fell for the first time since 1990.

Analysts said the latest regulatory measures put pressure on domestic companies, with the smaller players set to face the heat in the long term.

Analysts also said SMEs need to accelerate their push for digital transformation to gain key momentum in the market amid disruptions from the COVID-19 pandemic.

And Gates has been lauding China's energy innovation. "China already is one of the world leaders in renewable energy," he said, noting that China's massive investment in renewable power sources will "pay off handsomely" for the country and as a "long-term global business opportunity."

Analysts said the move by ICBC highlighted China's desire to promote cooperation to expand investment channels and to ensure sustainable financing for projects under the initiative.