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"Cadillac XT4 provides the brand with an access to a new market segment and new customers and helps to connect Cadillac more closely with China's younger-generation customers, among whom Cadillac aims to find new market opportunities," Carlisle said.

"China is the fastest-growing NFC market globally and, together, Luckin and LDC see a significant opportunity to offer high-quality, sustainably-developed NFC juices to the Chinese consumer," said Guo Jinyi, Luckin Coffee senior vice-president and co-founder.

"By having a large number of users, Mafengwo is able to produce big data analysis to cater for specific needs," she said. "This will transform travel products, but it will also be challenging for companies."

"But to participate in China they will have to be competitive in China and being competitive in China means being as innovative, as productive and digital as Chinese enterprises are," Woetzel said.

"China is moving into its science and technology phase, and technological advancement relies on intangible assets such as patents and protecting intellectual property. It is important there are moves in this area," he said.