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"Forty years ago, Sichuan didn't have a single international air route. There was only a daily flight from Chengdu to Beijing. It took a day and two nights to get there on the fastest train at that time," said Shen Zaiwang, a senior official with Sichuan People's Association for Friendship with Foreign Countries.

"Foreign automakers generally have strong technology reserves and powerful brand influence, providing them with substantial strength. We have to be alert to (a potential) market crisis even in times of calm," Chen said.

"For Beingmate, this would serve as an opportunity to secure new strategic partners and strengthen its financing channels to keep its independence in terms of operations," Song said.

"From what we can see from the statistics, there is no doubt that the market will fall by around 10 percent from 2018," said Yao Jie, deputy secretary-general of the China Association of Automobile Manufacturers. He was speaking at a forum in Shanghai and did not give an estimate when the market will start to recover.

"Generally, there are still some hard nuts to crack for us," he said.