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"Chinese companies have been actively involved in the development of these new requirements, and they will be among the players driving implementation of these new technologies," Zhao said.

"China's economic development will increasingly depend on domestic circulation, and the exports-to-GDP ratio will gradually decline to the levels of the United States and Japan," he added.

"Compared to the downturn seen in smartphone demand and many other segments in the first six months of this year due to the devastation caused by COVID-19, the smartwatch remains a popular consumer device segment," said Sujeong Lim, senior analyst from Counterpoint Research.

"China's mobile payment is leading the world in both market size and user numbers and Chinese mobile payment companies have stepped up efforts to expand their presence in overseas markets,"Wang said.

"Currently, we have worked with partners to launch multiple 5G smartphones and bring the 5G experience within reach. Moving forward, we will continue to join forces to bring diverse 5G-powered, innovative applications to more consumers and industries," Meng added.