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"Following the reform of ChiNext, the registration-based IPO system will be implemented, mainly targeting fast-growing innovative startups. To a certain extent, it fits in with the development needs of the new economy and new infrastructure," Yang added.

"For many years, Southern California has been running at the forefront in leading US-China subnational exchange and cooperation. It provides a good example of the mutually beneficial nature of our relations," said Zhang Ping, Chinese consul general in Los Angeles.

"For example, if a vehicle manufacturing factory comes up in an industrial park in Africa, downstream enterprises, including auto parts makers, are very likely to follow suit. Thus, an African country could rapidly build up a complete supply chain for the auto industry," he said.

"Getting a cross-provincial business license previously would take at least a day, and I would have had to bring print documents and official seals to Shanghai," Mo said.

"Given the differences in their business models, Youon will be little affected by the rising public bicycle sharing businesses in China," he said.