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"But their widespread use has resulted in the rise of electric vehicle fire accidents," said Wang.

"China is the second largest market in the world in insurance. It's growing fast so it will become the first market of the world at some stage. We believe that there are a lot of services and products to be designed for Chinese customers and this is our ambition," Veyry said.

"China is everywhere in the media today. Being a player globally, China grows rapidly. But when we talk about China, there may be some negative images involved in the Western media," said Beck, who was Canada's Consul General in Shanghai in 1999, when Shanghai's development was beginning to take off.

"China has signed 18 regional trade agreements involving 64 trading partners. But many companies have said they haven't made full use of the FTAs simply because they do not understand whether their goods are eligible for preferential tax rates," said Shang Yuying, director of the Shanghai Commerce Commission.

"China is not only the biggest exporter of manufactured goods, but also a major exporter of intermediates used by factories across the world. It is also a key supplier of materials or components for sectors including autos, shipbuilding, electronics, machinery and textiles," Bai said.