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Cashless payments have become part of everyday life in China due to the rapid development of financial technology, or fintech. People can leave their homes without carrying cash or bank cards and can use digital wallet services on their phones for shopping, dining out, or to make donations.

Caucus goers check in at Roosevelt High School on Monday in Des Moines, Iowa. ANDREW HARNIK / AP

Charlie Dai, principal analyst at market research company Forrester, said: "The US government's bans leave Huawei no choice but to accelerate research and development to build an open tech ecosystem of its own, from hardware to software for smartphones. It's a tough journey, but Huawei must go through it to survive and thrive."

Caterpillar started to develop the smart device, the Cat Watch, several months ago, when a Chinese customer proposed such an idea. The wearable product can provide weather and location information and track heartbeat and steps. More workplace related functions are under development, the company said.

Carmakers are introducing more multi-purpose vehicles into the Chinese market in the hope of meeting customers' growing need for larger onboard space.