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"Chinese consumers have become more aware of quality," said Joost Vlaanderen, president of Mondelez International China, the company behind Oreo cookies. "They like products that are designed for them, and they are willing to pay a premium."

"Companies from around the world of all sizes and stages will be considered, from pre-product start-ups to well-established enterprises," Jeff Bezos, CEO of the online retailer, said in a statement.

"Cultural exports, which undertake the responsibility of cultural communication between different countries, will help enhance the soft power of a country," he said.

"China's e-commerce sector has posted remarkable achievements as it drives global development," said Jennifer Ye, PwC China consumer markets leader. "Chinese internet giants are leveraging their own capital and technological advantages to create retail ecosystems, while consolidating offline spaces and upstream and downstream industries to maximize their competitive edges."

"China's technology know-how and Malaysia's familiarity with the business strategy and model are the right ingredients for those wishing to expand their presence in Southeast Asia," he said.