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"China was the country's biggest source of imports with 15.3 percent share in March 2018. Import payments to China stood at .24 billion, posting a decrease of 12.0 percent from .41 billion in March 2017," the PSA said in a statement.

"Coastal cities and central cities are ideally more open, " he added.

"Currently we are going through one of the biggest slowdowns that we have seen in recent times," Pawan Goenka, managing director at automaker Mahindra said earlier on Wednesday after the company reported a quarterly profit.

"Chinese companies are capable of making most aircraft components, but are less competitive due to higher costs and the design and quality can't catch up," Shanghai Securities Journal quoted an unidentified senior aircraft engineer as saying.

"Chinese tech giants Baidu, Alibaba and Tencent have all made investments in this area. Tencent has Tencent Pictures (behind last year's Wonder Woman) and Alibaba has Alibaba Pictures (in projects like Mission: Impossible-Rogue Nation from 2015)," said Jonathan Chiu, a business analyst at consultancy A&A.