Chinese companies are eyeing intelligent connected vehicles as artificial intelligence and internet-based technology is taken as an important booster for future vehicle development.

"The intelligent connected vehicle, as a newly emerging industry, has become a mega trend, which will help promote the upgrade and transformation of the regional economy," said Huang Haiyan, CEO of Techcode Venture Development Co Ltd.

Techcode is a global incubator platform. It has helped a group of science and technology startups to open for business in China and the world.

Huang made the comment at a ceremony where a global institute to boost intelligent connected vehicles has been established in Gu'an county in North China's Hebei province, which also is a high-tech metropolitan hub.

The Global Institute on Intelligent Connected Vehicles was mainly established by Techcode. The company also has cooperated with a group of enterprises, institutes and universities to establish industry clusters.

"Compared to traditional industrial countries, China still lags behind in traditional vehicle industry in terms of foundation and technology. We hope to catch up with the world in this field," she said.

According to the company, it will integrate talents in the industry both from home and abroad to do more research on intelligent connected vehicles in a bid to strengthen concerned technology and the development of the Chinese vehicle industry.