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Analysts said Huawei's years of research in telecommunications, especially 5G, would give it a head start over competition. After all, it is impossible to have fully autonomous vehicles without 5G, which is essential in enabling superfast internet speeds and real-time data analysis.

And by improving its existing eco-farming traditions, rather than imposing radical changes, the technologies do not seem to interrupt the other important source of income - tourism.

Analysts said local governments are shifting their development strategies in accordance with the call by the country's top leadership for high-quality development.

Analysts attribute the gains mainly to the adoption of a relaxed monetary policy by major central banks, and the distinguished performance of the US stock market to a stronger US dollar in particular.

Andy Mok, research fellow at the Center for China and Globalization, an independent think tank in Beijing, believes such legislation is vital if China is to advance to the next stage of its development.