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Dietsch said the company focused on improving dealers' confidence and profitability to ensure stable and sustainable growth in the depressed market.

Dieter May, former vice-president of BMW digital products and services, said that the cooperation marked a milestone of vehicle connectivity. This is because BMW is building a digital ecosystem in China.

Domestically, growth and wealth will be more equitably benefitting the entire population; internationally, the Belt and Road Initiative will have further positive consequences for the livelihood of large numbers of people living in the less developed world that are longing for development opportunities. It augurs well for the future an interconnected world, when globalization is suffering from backlashes elsewhere, he added.

Despite the novel coronavirus epidemic, Shenzhen has continued to make progress in building 5G networks, said Jia Xingdong, head of the Shenzhen Municipal Industrial and Information Technology Bureau.

Despite the pressure from Huawei, Xiaomi said on Tuesday that the company posted 52 billion yuan (.4 billion) in revenue in the second quarter of 2019, up 14.8 percent year-on-year.