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Li Jun, a China Academy of Engineering academician and also director of the alliance's experts' committee, said that China will also launch design guidance for smart cars, smart map architecture and standards for test grounds.

Li said the smart car industry is able to enlarge the current car industry by 1 trillion yuan ($158.15 billion) and also able to boost fast development in 5G, internet of cars, big data, artificial intelligence and new-energy vehicles

Zhang Junyi, a partner with NIO Capital, said that the smart car is the trend for the car industry and China's auto sector will usher in a new key development stage with the improvement of infrastructure, technology, policies and laws.

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China will come up with its own smart car standards, traffic rules, laws and regulations relating to safety, according to the China Industry Innovation Alliance for the Intelligent and Connected