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"By gathering capital elements and financial resources, the conference is expected to attract domestic and foreign investment firms in driving Wuhan's economic recovery and also offering a lasting impetus for local innovation and high-quality development," said Fang Jie, deputy secretary-general of the Wuhan government.

"Cars are increasingly viewed as a high-tech device rather than merely a means of transportation," said Wu. "This is increasingly fueled by the advent of 5G, artificial intelligence and internet of things technologies."

"China has all along supported the EU integration process, and we welcome a united and prosperous EU," Li said.

"China can seize the newest trends in technology by attending SXSW. The event also functions as a big incubator — data show that about 10 percent of the companies at SXSW were acquired after the event. Many startups go to SXSW to look for opportunities while others go there for inspiration and ideas," Forrest said.

"But such blackmailing and threats will not have any impact on China," he stressed.