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And 56.9 percent of the AI companies in Beijing have not completed A-round financing, indicating that most are still in the start-up stage with potential for further development.

Andrew Moody contributed to this story.

And more than 700 US companies applied to be in the summit's core program, the InnoSTARS Competition, which also takes place in Chicago, Denver, Atlanta, San Francisco, Boston, Seattle and Miami.

And this is just the beginning, according to Feng Yousheng, founder and CEO of Chinese livestreaming app Inke. During the 4th World Internet Conference in Wuzhen, Zhejiang province, earlier this month, he said the coming fifth-generation or 5G mobile technology and new-age tech like augmented reality will help make livestreaming even more powerful.

Analysts said foreign smartphone brands are attracted to China by its huge market potential. However, they may encounter steep challenges as China's smartphone industry is witnessing a slowdown and the competition among major smartphone makers is very intense.