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An oil rig in the Bohai Bay operated by China National Offshore Oil Corp, one of ConocoPhillips' partners. [Photo/IC]

Andrew Dumont

And radio remains a significant force in China. "A lot of people in China still listen to the radio, particularly when they are on the road," said Lai. "It remains not just an important tastemaker, but also a possible new revenue stream to tap there."

Analysts said the foreign exchange reserves are expected to remain stable in the coming months, but cautioned on the need to improve the efficiency of money supply that has been injected into the economy to avoid capital outflow risks.

And the top 30 companies will command more than 70 percent of market share, it said.