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But the trend also poses great challenges to newcomers, as they require innovative tech breakthroughs, such as adopting blockchain technology to manage patients' records, to attract funding and investment, and to compete with established market players, Zhuang said.

But the reality is that smartphone makers are roughly at the same level of research and development of 5G handsets. Tech industry insiders told me it is entirely possible that only one of the top five players could really be the first one to launch a 5G device. This view is supported by the launch schedules of companies' 5G plans that are close to each other.

But some of them have started to climb global rankings of their sector. A Gartner report in June highlighted Alibaba's high potential, ranking it at No 4 ahead of IBM Corp and Oracle Systems Corp, among others.

But the exchanges and cooperation between China and Africa in the fields of film and television are steadily helping to improve the situation.

But with the easing of risks and more supportive polices for the market and the real economy, Zhang was optimistic about the mid and long-term market prospects.