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"Consumers in Europe and the United States are still used to shopping in brick-and-mortar stores, where they get most of the brand recognition. We have to respect the status quo of the mature overseas markets. We have to adjust to the local market rules by adapting our products, pricing, and distribution strategies," he said.

"Core technologies cannot be bought or traded, they must be created by ourselves," he wrote in a commentary for Guangming Daily, adding that some technologies have even become China's major bottlenecks and hidden security risks.

"Chinese consumers have shown huge enthusiasm for 5G smartphones, which has outpaced our expectations," he said. "To tap into this demand, Xiaomi plans to launch over 10 types of 5G smartphones next year."

"Competition from the rapid development of homegrown brands, multinationals and those who have entered this field from other industries in recent years is normal. It's not a bad idea to goad the players to perform better, to generate new growth points," said Liu, who is also the president of Carestream's Greater China cluster.

"Corn yields, for example, can drop by 1.5 to 3 metric tons if the straw is smashed and returned to the field," he said.