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"China is still short of globally influential brands, although well equipped to accelerate brand development," Wang added.

"By setting up the new base, TCP hopes to better enhance its marketing and research and development capabilities by better understanding the needs, habits, and preferences of Chinese consumers and to develop products to better meet their particular needs," said Yoovidhya, adding that he was hopeful of creating something in China and then introducing it to the world.

"China has always been a pivotal market for us. We look forward to bringing our well-established global leasing services and platform to China to reinvigorate our presence in the market and help drive the growth of its quickly accelerating aviation sector," said Peter Chang, CEO of CDB Aviation, which is now based in Ireland and whose main line of business is global aviation leasing.

"China never aims to replace the US in the 10 industrially strategic technologies in 10 years. This is a misunderstanding and overestimation of our strength," Miao said.

"China has been and will continue to be one of the most important markets for the company's global blueprint, and more importantly, it is (a) global innovation center and a stabilizer in the world economy," said Felix Gutsche, president and CEO of Boehringer Ingelheim China.