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Analysts said that there is not a clear and proven business model for car sharing and many of the companies are affiliated to carmakers, which sold vehicles to them for winning government subsidies and amassing credit as demanded by the authorities.

Analysts attributed the growing technical strength of the firms to higher research input. Data from annual reports showed that the combined research and development (R&D) expenditure of the firms totaled 59.91 billion yuan (.8 billion) in 2018, up 15.69 percent year-on-year.

Analysts say moves will help offset headwinds, spur long-term growth

An opening ceremony and a sacrificial ceremony that prays for the blessings of Mother Nature and "awakens the sleeping fishing nets" will be held on the first day of the festival.

Analysts said the fact that steelmakers kept producing more and more steel in April was due to several reasons.