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"Cars will not be cars without smart functions in the future," said Zhu Huarong, the carmaker's president. He said its cars with high-level autonomous driving functions will hit the market in 2020.

"China has been the largest automotive production and trade market for 10 consecutive years. That success couldn't be possible without breakthroughs from domestic auto component makers, among which Shengrui is one," Xin Ning, deputy head of China Automotive News said at a summit organized by Shengrui in January to discuss the latest industry trends.

"China is working hard to elevate its manufacturing capabilities to a new level of innovation and move up the value chain. We see tons of opportunities here," said McDermott.

"China is also becoming more open to foreign companies," said Ravi Shankar Bose, founder of mobile marketing firm Fugu Mobile, which chose China as its first overseas market.

"China is important to us because it represents the biggest market in the world for electric cars, buses, trucks and other methods of transport which are recording the biggest growth," said Mate Rimac, the founder and CEO of Rimac Automobili.