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"Cooperation is necessary in this aspect. You know smart cars are difficult for one carmaker to develop no matter how big, and carmakers will feel a little worried if they rely too much on platforms of tech giants like Google or Baidu."

"China will not force any technology transfer from any foreign company and will enhance efforts to protect intellectual property rights and severely crack down on infringement, and China welcomes more globally competitive businesses to share the China growth opportunities," Li said.

"China's monetary policy should stay committed to its own course and stick with a prudent stance," Yi said, citing the country's economic expansion remaining within a reasonable range and a mild level of inflation as well as the need to keep debt levels stable and sustainable.

"Chinese customers may know the two joint ventures, but have little knowledge of Hyundai as a group," Ryu said. "We have thought over the problem and made the decision to change."

"Chinese consumers, especially millennials, want to enjoy life... they care about their individuality and love to travel, and when it comes to shopping in both online and offline channels, they have unique tastes," said Guo Xin, a marketing professor at Beijing Technology and Business University.