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"China has been the leader for new energy vehicles, because it's a place where there is the largest number of such vehicles being commercialized. It is very significant for us, as the push for intelligent connected vehicles in China is defining the frame. It is directly supporting our new technologies," he said.

"But taking the long view, fintech companies in general have great potential for development, as they represent new technologies and new business models," he added.

"Byton is inspired by 'bytes on wheels'. Byte stands for the internet and wheel stands for the auto industry. We want to build Byton into the next-generation smart device," said Daniel Kirchert, president of the 1-year-old startup when he addressed the audience.

"But textbooks I read noted that Japanese archery originated from rites developed in the Zhou Dynasties (c.11th century-256 BC), so I thought 'why not revive traditional Chinese archery as well?'"

"China is perhaps better positioned now than ever before to become a globally competitive player in both semiconductors and AI ... because leading digital businesses (in China) have signaled that greater domestic self-supply of semiconductors is a vital component of their future," he said.