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Yu Chengdong, CEO of Huawei's consumer business group, said in an earlier interview, "We have not only shortened the gap with GMS, but also built our own edge in HMS." He added that the company's P40 Lite smartphones, powered by HMS, have sold well in overseas markets.

Yet the PBOC shifted its tactic dramatically in late June and starkly reduced cash injections.

Yu said China has deleted more than 30,000 links to pirated movies that were released during Spring Festival and put 15 movies, including seven imported ones, in an early warning system.

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Yu Chengdong, CEO of Huawei's consumer business group, unveiled the high-end smartphone P40 series in China on April 8, 2020. [Photo provided to chinadaily.com.cn]

Yi Zong in Washington contributed to this story.

Yili and Mengniu are cash-rich－they posted 23.5 billion yuan (.6 billion) in cash and equivalents combined at last year's end－and hungry, thanks to their success in pushing gross profit margins past the 30 percent threshold.

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Yu said the event will help enhance collaboration between the craft industries in China and the UK.

You Zheng, vice-president of Tsinghua University, said AI and robots were becoming core technologies that will determine the competitiveness of China in the future.

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Yuan said that Chinese insurance and reinsurance companies will work closely with their foreign counterparts, which will provide services for local customers such as claims settlement and contract-issuing.

Yet, behind the fun initiative is an emerging trend of China-United Kingdom cooperation in the fast-growing sector of artificial intelligence. And, although such ties are still in their early days, analysts expect to see tremendous growth based upon the complimentary nature of the two countries' AI industries.