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"China does not want a trade war with the US," Wang Shouwen, vice-minister of commerce, said at a news conference on Wednesday afternoon. "But China is not afraid of one."

"China and the US as close allies [makes for] a very safe world; China and the US not [being] close allies is a different kind of world," Greenberg said. "It's in everybody's interest in both countries that this be resolved."

"China has already commenced rolling out the 5G networks and the massive market scale it brings for the entire industry will make 2020 the breakout year for 5G," said Peter Richardson, research director at Counterpoint Research.

"China Unicom is the biggest beneficiary of the mixed-ownership reform, as it could utilize cutting-edge technologies from internet giants, access more channels and potential customers, as well as enhance its telecom service quality through introducing new strategic investors," said Peter Liu, research director at consultancy Gartner Inc.

"China is determined to make NEVs a success and Volkswagen is determined to make it a success, and I am confident it will happen."