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By combining Resideo's technological research and innovation and GOME Telecom's sales, distributions and logistics networks, the two parties will look to provide Chinese families with affordable, high-quality smart home products, said Song Linlin, chairman of GOME Telecom, a member of GOME Group.

But the restriction only covers 3 percent of all vehicles, which is "too small to make a huge difference", he added, suggesting that Beijing cover more vehicles and regions.

But, a quarterly report on global venture capital trends by KPMG showed that worldwide capital activity declined 24 percent last year compared with 2015.

But the US government has neglected China's unprecedented efforts to protect intellectual property rights, a necessary requirement to sustain innovation.

By 2019, the European Union had been China's top trade partner for 16 consecutive years, with a total trade volume exceeding 0 billion for the first time last year, he said.