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"China is absolutely essential to Ford's profitability and growth," said Jim Farley, Ford's executive vice-president and president of global markets.

"China has carried out major reforms on adjusting economic imbalances, such as taking corporate deleveraging as a primary task, which will ensure a more healthy and sustainable economic development from a mid - and long-term perspective. The country also ramped up efforts to open up further and shortened its negative list for foreign investors," said Wu Yibing, head of China affairs at Temasek.

"Certain areas in the European Union, in the United Kingdom and in the US, they have not been benefited and they feel they don't fit in globalization," he said.

"China is a huge market and the indigenous providers will be far stronger than any new entrants could be for many years to come."

"China is the world's biggest market for water heaters and this segment will be a cornerstone in Bosch's hot water business going forward," he said.