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"Furthermore, China is shaping up to be the world's second-largest economy. These people have not experienced material shortage and they have no intention to do so," Feng added.

"From my point of view, Shenzhen could be, (and) should be the design capital in China," Egger said, adding all the elements are present, including technology, young people and emerging trends.

"From a long-term perspective, we will not stop at in-licensing. We will deploy more financial resources into innovation to put our growth on a firmer footing."

"Geely will step up efforts to make AI-enabled, internet-connected smart cars. Such cars will become more intelligent where mobile terminals can be connected to the network and drivers can talk to the system in the car," said Shen Ziyu, vice-president of the Geely Automobile Research Institute.

"Global companies in China no longer need to ship their products away from the manufacturing facilities in the country. Instead they are becoming more inclined to tap growth from the robust domestic market demand," said Wang Shouwen, vice-minister of commerce.