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"Clearly, vehicles are evolving from transport tools to smart mobile platforms that facilitate people's life and work," said Changan President Zhu Huarong.

"Chinese regulators have allowed multiple securities, asset management, insurance, and other financial firms from the United States, Europe, and Japan to convert existing minority positions in joint ventures with Chinese partners to majority foreign-owned firms and have licensed a number of new wholly foreign-owned financial firms," Lardy noted in an analysis.

"Collaborating with outstanding partners like WaveForm is a highly important cornerstone of Bayer's strategy to transform innovation into meaningful solutions for patients," said Marianne De Backer, member of executive committee of Bayer's Pharmaceuticals Division and head of Business Development & Licensing. "China is a key focus of our partnering efforts and we are continuously looking for partners developing digital technologies."

"Cooperation under the BRI involves a broad range of areas, in which participating economies have various policies and standards," Qian said at the second Belt and Road Forum for International Cooperation on Thursday.

"China welcomed the agreement and appreciated the cooperative attitudes of the EU in negotiations," said Gao.