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"Companies in China have stepped up CSR efforts in recent years, but there also is room for further improvement," Zhong said.

"Compared with the traditional brace, which usually costs between 2,000 and 4,000 yuan, the price of Unloader One is very high, but it is much more effective. Considering the spending power of the elderly, leasing may be a better option for them," says Liu.

"China, however, is still at an early stage in the sector," Hoogewerf said.

"Chinese automakers have the capacity to challenge the dominance of market leaders on the back of economies of scale and they already have an edge with the electric vehicle technology that fits well into the Indian government's vision to become a key global base for electrification," said the report quoting Amit Kaushik, managing director at the consultancy firm Urban Science.

"China's rate of account ownership - a basic metric of financial inclusion - is on par with that of other G20 countries," it said.