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Bai Yanmin, general manager of ZTE was quoted as saying that this successful 5G VoNR call marked "an important step towards the commercial use of seamless native 5G voice experience, and would also strongly support the construction of 5G SA, so as to offer 5G to more service providers, enterprise users and consumers."

Bai Ming, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, a think tank of the Ministry of Commerce, said national security concerns are an excuse for the Unites States to protect its homegrown tech industry.

Bank of China Ltd posted a 5.21 percent year-on-year growth in profit attributable to equity holders of the bank in the first half of this year. [Photo/VCG]

Baidu did not confirm the report.

Banks should be cautious and seek ways to weather the storm, says Tan. While offering loans with stocks as collateral has been big business for many Chinese investment banks, he says Bocom is tightening the approval of such loans although the demand is there.