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Analysts also see several risks, including a return to a "bifurcated market", according to the FT.

And some don't even know the reasons for the protests. On being told that the amendment the protesters cited as an excuse to demonstrate has been withdrawn, and therefore there is no justification for the protests, they talk about freedom and democracy.

And given the global economic recession as a result of the COVID-19 pandemic and the mounting uncertainty in the international landscape, analysts said innovative development of the special economic zones could play a bigger role in accelerating the formation of the new development pattern with the domestic market as the mainstay and the domestic and international markets complementing each other.

Analysts said it is essential for carmakers to cooperate in the development of new technologies that demands a lot of money, especially when the new car market has not been satisfactory.

Analysts suggested policy makers adopt differentiated approaches as every SOE has its own characteristics, saying the reforms would be a long process, and not accomplished at one stroke.