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Different from the STAR Market as a new submarket, the ChiNext is a 10-year-old board with about 800 listed firms, Wang said. It is critical to safeguard the interests of existing listed firms and investors on the board when pushing ahead with reforms, he said.

Ding Yun, executive director of the board and president of Huawei's carrier business group, said concerns are common when innovations first emerge, as human beings naturally have concerns over new things. "However, what makes matters worse at this critical moment when 5G is experiencing explosive growth is the increasing mistrust between regions.

Ding Chun, director of the Center for European Studies of Fudan University, said Wang's trip has obtained "encouraging outcomes "at a time when the United States has been engaged in unilateralism and attempts to isolate China.

Ding said smart vehicles should act as nodes within cities connecting them to the wider world.

Despite the recurrence of anti-globalization sentiment in some countries, China has maintained its commitment to opening-up after it successfully resumed work and production amid the many uncertainties posed by the COVID-19 pandemic.