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Another area where Volkswagen has set its sights on further expansion is China. The company's single largest market for automotive sales is envisioned as playing a greater role in manufacturing in the future. Towards that end, Volkswagen has recently signed cooperation agreements with its local partner FAW to build three new factories in Qingdao, Foshan and Tianjin.

Another electric car owner spent hundreds of yuan on towing services during the hard Beijing winter in 2015.

Ant Financial Services Group has applied for a digital banking license in Singapore, as more Chinese technology powerhouses hasten their pace in expanding their digital offerings beyond the Chinese mainland.

Any enterprises found exporting substandard products should be asked to stop production, and cannot resume until the problem is solved, Xu said.

Apart from Hong Kong and Shenzhen, another seven Chinese cities, all on the mainland, were also included in the top 50. New York took the top spot as the most competitive city in the world, followed by Tokyo and London.