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"China is working hard to elevate its manufacturing capabilities to a new level of innovation and move up the value chain. We see tons of opportunities here," said McDermott.

"China Mobile has invested the most in Shanghai to date to help the city expand its 5G trial network and related applications, because it is the most developed city in China with rather solid infrastructure in many aspects," said Jian Qin, China Mobile vice-president.

"China is one of the most, if not the most, important markets for us. Even though cognac only accounts for a tiny fraction of the market here, the penetration rate is the highest," he said.

"Cash flow problems are forcing some SMEs in property to sell off some of their projects, or offload equity stakes, and sometimes sell out totally."

"China is determined to make 5G a top priority on its national agenda, striving to take a leadership role in the global landscape," said Steve Lo, the managing partner of EY's greater China Technology, Media & Telecommunications division. "It is also pressing for participation in the formulation of the international 5G standard to make China one of the main players."