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Deemed as a multi-dimensional intelligent network system connecting things and things, and people and things, the emerging IoT is playing an increasingly significant role in driving the world’s economic growth. It is estimated that by 2025, billions of items and devices will be connected to the IoT globally and the market will exceed trillion, He said at an IoT summit last year.

Data from the Ministry of Commerce showed in the first eight months of this year, China-ASEAN trade volume reached 2.93 trillion yuan (9.5 billion), up 7 percent on a year-on-year basis and accounting for 14.6 percent of China's foreign trade.

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Data shows that in 2019, the global auto chip market was worth around .5 billion. While China's auto chip industry was valued at less than 15 billion yuan (.29 billion), accounting for around 4.5 percent of the global total.

David Balton, a top US diplomat who works on environmental issues, said there would be "no change" in US participation even if Trump ultimately decides to pull out of the Paris pact.