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And though a measure to split the most populous US state into three separate states qualified on June 12 to be on the ballot in November's general election, few give it a chance of being approved. An April SurveyUSA poll found that 72 percent of Californians would vote against it, and just 17 percent would vote yes.

And the report highlighted China's progress in areas, including starting a business, dealing with construction permits, getting electricity, protecting minority investors, paying taxes, trading across borders, though dealing with construction permits in China still ranks at 121, with 20 procedures in order to obtain all permits and authorization to build a warehouse here, compared with an average of 15 procedures in East Asia and Pacific region.

Analysts said that China did not manipulate its currency. A report, released by the International Monetary Fund on Friday after its annual Article IV consultation with China, which said the yuan's level is in line with the country's economic fundamentals, was also seen as supporting China's objection to being labeled a "currency manipulator".

An usher holds a baton to guide attendees toward the AGM of advertising agency WPP in London, Britain. [Photo/Agencies]

Analysts said the move shows China's dedication to developing new energy vehicles and will allow more room for innovation in technology and business models, which will consolidate the country's leading position in the sector.