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As China develops its own technologies around medicine and electronics, those companies would want to protect their intellectual property. "The judicial system of IP in China is not mature, but it will get more mature as its own IP feels threatened."

Around 930,000 households in the prefectures of Chiba and Kanagawa were temporarily left without power, according to Tokyo Electric Power Company, while the Japan Atomic Energy Agency said a disused cooling tower at a facility in Ibaraki Prefecture collapsed in the morning, although no radioactive materials were dispersed.

As China's current urbanization rate is about 61 percent, lagging behind the 75 to 80 percent in developed countries, the income growth potential is huge, yet about one-third of China's city dwellers are migrant workers, who work in cities but spend a limited amount of their income there, he said.

Arcfox's first production model is to hit the market in 2020, and future models are to be sold globally, according to one of its executives.

Apple CEO Tim Cook, Alphabet (parent company of Google) CEO Sundar Pichai, Amazon CEO Jeff Bezos and Facebook CEO Mark Zuckerberg were asked during a House Judiciary subcommittee investigating the practices of major US technology companies whether they believed the Chinese government was stealing intellectual property from American companies.