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"Conditions in the agricultural sector reportedly improved somewhat, but contacts were concerned about the effect of potentially higher tariffs on their exports," the Fed said.

"Contacts in the steel and aluminum industries expected higher prices as a result of the tariffs on these products but had not planned any new investments to increase capacity," the minutes said.

"Companies will either use the money they save to pay dividends or reinvest in their business, some of which will be in research and development, which can only be positive for the economy."

"Compared to how China respond to previous revolutions in information technology, the speed at which China is following the current trend is the fastest," the review quoted Shouyi Yin, vice director of Tsinghua University's Institute of Microelectronics as saying. Yin is also the lead author of a paper describing the design behind "Thinker."

"Chinese companies need to make essential moves now including deciding where to play, developing a road map to access the tech stack and deciding the right alliance and ecosystem strategy," Thomas said.