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"But with the exposure through overseas travel, education and the Internet, this market, more than anywhere else in the world, is continuing to grow," he added.

"But the current trend shows there will certainly be more insurance funds to enter the market," he added.

"China also needs to accumulate more technologies and practical solutions to produce batteries for electric vehicles in a cheaper way and handle old batteries in a sustainable way," he said.

"China is an important market for Qualcomm and we have a number of important partnerships and relations here in China," he said.

"China is developing rapidly. It's our second-largest market worldwide after North America," Pettiti said, adding that Thermo Fisher has a big role to play in helping China's healthcare sector to develop fast.