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But Lyft warns, "Our limited operating history and or evolving business make it difficult to evaluate our future prospects and the risks and challenges we may encounter."

But Toronto will soon be home to another American tech giant. Google is relocating its Canadian headquarters to the city as part of a novel project with Sidewalk Labs, another company under the Alphabet umbrella. Sidewalk is designing a mini smart city on Toronto’s waterfront as a test case for how technology could improve urban planning. When Google comes to town, it will mean increased competition for talent.

But Chinese manufacturers as a whole are still at the mid- and low-end of international division of labor, they are big but not always strong, Li said.

But foreign businesses must also be aware that China needs reliable partners that think long-term and do not sidestep challenges like rising labor cost that lie ahead.

But it is quite a different story in overseas markets. First of all, overseas markets are nearly five times the size of the Chinese market, plausibly indicating more opportunities. Second of all, there are fewer companies able to compete with Amber Weather.