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Anhui's desire to encourage innovation is also mirrored in its tolerance of risk. Liu, who returned from Harvard, said that when he decided to set up Precedo－a startup focusing on cancer cell research－in 2015, the technologies used were cutting-edge, and most people did not understand them.

Andrew Singh said he heard what appeared to be gunshots and that a woman was wounded before people started scrambling.

Analysts said China may also continue to cut taxes for enterprises to boost private investment while further lowering corporate debt and borrowing levels to control financial risks in the coming months.

And it is not just the city's image that is being marred by the violence, the months of unrest have taken their toll on the economy of the Asian financial hub, especially its tourist and retail sectors. The Hong Kong Tourism Board said on Wednesday that the number of visits to Hong Kong in 2019 witnessed a year-on-year drop of 14.2 percent.

And the Chinese government is committed to shoring up its EV sector. Subsidies for manufacturers that were introduced in 2009 have come to an end, but the government is focused on building a strong nationwide network to charge vehicles throughout the country's cities and highways, according to China's Ministry of Finance. Such a network is key to speeding up demand for EVs.