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"Chinese customers perceive high-tech as premium, so automakers have to invest more on in-car technologies to further enhance their brands," Deloitte Consulting (Shanghai) automotive industry partner Marco Hecker told China Daily in June.

"Compared with traditional venture capital, CVC has the advantages of a longer investment cycle and higher risk tolerance, and it can offer startups with more value-added service," he said.

"Chinese consumers are increasingly discerning about their luxury purchases, demanding more variety and choice than ever. As we look to continue to meet this demand, we see many potential areas for future collaboration with Secoo," Hu said.

"China's industrial internet is ushering in new growth opportunities amid the industrial revolution globally. It has a potential that goes beyond the imagination, which not only promotes the upgrading of manufacturing industry but also determines whether China can lead the next round of the technological and industrial revolution worldwide," said Wang Qingxian, Party secretary of Qingdao.

"Consumption now contributes more than half of China's economic growth, and the domestic market is growing faster than that of many developed economies," he said.