China has become a leader in terms of new energy vehicle development. With China's ambition of continuing to open up the market, Italian commercial vehicle company, IVECO, says that the Chinese auto market is promising for multinational carmakers, according to Tommaso Croce, the company's China business director.

The Italian carmaker has had an established presence in China since 1985. "Since the last 40 years, everything is changed. Now (the) Chinese market is the biggest in the world. And the requirement from the customer has changed because of the GDP growth. And the refinement and the sophistication of the customers are totally different," said Croce. 

Meanwhile, the country does plan to lift foreign equity caps for commercial vehicle makers. "We are open for any solution," Croce said, adding that "we are proud to have developed our band with them in this market. We want to enforce the collaboration with that for sure."

This is the second year that IVECO's attending the China International Import Expo (CIIE). Croce identifies it as a duty to be present here, and is bullish on potential deals at the expo.

He said that the expo delivers a message to the world – "We need to make an effort to cooperate much more than before."

Croce also emphasized on the importance of Chinese market, saying that "China is an opportunity for all other countries and companies like us in the world."