We aim to have at least a million merchants outside the Chinese mainland accepting Alipay within three years. Working with our network of global partners like First Data and Verifone will help us achieve the goal."

Douglas Feagin, Senior vice-president of Ant Financial Services Group and head of Alipay International.

"We have great hope for the country's first tech insurance company, serving high-tech companies of all scales and in various stages, from project approval to product selling."

Wu Lebin, chairman of Chinese Academy of Sciences Holdings Co, a state-run asset management company and a key initiator of the move to launch China's first technology insurance firm and a technology bank, equivalent to the Silicon Valley Bank, by 2020.

"Now is a good time for VS to march into China. Compared with five years ago, consumers now have demonstrated increasing brand awareness due to the rising average education level, living standards and income level."

Neil Wang, president of marketing firm Frost & Sullivan Greater China. US lingerie giant Victoria's Secret has finally made a full landing in China.