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"Consumers in China's less-developed regions are becoming increasingly sophisticated shoppers who are looking for lifestyle upgrades. This increased consumption potential could mean bright prospects for our merchants," said Jiang Fan, president of Alibaba's Tmall and Taobao.

"Collaboration is of mutual benefit to our company and the academic world," Gao said. "We offer business insight and data, while the schools provide cutting-edge research and expertise.

"China-made products might suit the domestic situation well, but can fail amid local challenges in other countries, resulting in negative word-of-mouth reputations in those markets."

"Currently, we are seeking partners in China. Chinese consumers are at the forefront worldwide in many areas, and there are still a lot of business factors to be considered," said Zhou Hu, chief executive officer of AirAsia China.

"Chip technology is the crown in the smartphone sector, but it is highly cash intensive," said Lei Jun, founder and CEO of Xiaomi.