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"Chinese companies are ready to share their technology and experience with Serbian partners. I am sure that such cooperation will be useful for both sides."

"Collaborations like this are very critical, because together we'll be able to get there faster," said Hua. "I think American startups certainly should be going to China to exploit the opportunities to get funding or partnerships."

"Customers are more conscious of brands. So, informative labels on products can increase customers' loyalty," said Li.

"Consumers are becoming more selective about the products they purchase, and tend to buy products that have more practical uses," said Emily Cheng, general manager of Honeywell Connected Living Solutions China.

"Chinese carmakers responded fast to local market trends like SUVs, so they could develop fast in the past decade," Li said.