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Analysts believe that against the global backdrop of trade protectionism, the expo is consistent with China's long-time efforts to seek mutual benefits and advocate free trade.

Andrew Miller, CEO of Dajia US, told China Daily: "We've been working so hard with so many people to develop this vision of the project. To have the opportunity to finally show that vision to the city and to the world is incredibly exciting and validating for all of us. I believe that New Yorkers in particular and everyone who has a Waldorf story … (are) going to be excited about the rebirth of this icon."

Analysts said the two new companies are signs of consolidated relations between FAW and Audi and will help promote the German brand's long-term development in China.

Analysts expect the glut in refined fuels could last for years, partly due to the slowing demand domestically and a surfeit of refining capacity.

An official with the city's legislature also told Xinhua the regulations will offer legal guidance to future island development by specifying supervisors and application procedures.