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"For internet companies, it's a business that is bound to make profit because it doesn't cost much to boost sales," said Hao Yansu, director of the school of insurance at the Central University of Finance.

"For the next phase, it is critically important to keep the overall capacity from growing, while at the same time to optimize the capacity layout in the industry and increase product quality to achieve high-quality development in the sector," he said.

"For the past years, when we talk about the speed of smartphones, we are thinking about hardware. Yet the improvement in hardware has reached a bottleneck; even when the processing speed doubled, it brought negligible differences of fractions of seconds to users.

"From now on, we expect trading relationships to be fair and to be reciprocal," he told the joint session of the US Congress. "And we will protect American workers and American intellectual property, through strong enforcement of our trade rules."

"For at least six weeks, the federal government took practically no action in the US. The virus was given a free pass to spread nationwide, and many other countries were able to avoid catastrophes by taking swift actions," he noted.