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As Chinese firms push cutting-edge technology, such as cloud computing and self-driving cars, and look to raise product quality, there will be even more opportunities for material suppliers to sell to the world's biggest market, said the head of 3M China, a conglomerate manufacturer.

Ariana Fonteyne said: "Each year, we come to the center to see the parade and performance. My father has been interested in the Chinese for a very long time. He has introduced Chinese culture to me, my mother and my brother."

Around 30,000 new energy vehicles were sold, over four times more than a year earlier.

As China is among the quickest to flatten the virus curve and is expected to see early signs of economic recovery, Alibaba pledged to help export enterprises explore the domestic market, recruiting them as suppliers for Tmall Supermarket and Taobao Xinxuan (a private-label goods market). It will also set up a dedicated "export zone" on 1688.com, a platform traditionally facilitating the domestic wholesale business.

As 5G radio waves travel at much higher frequencies, and so have less range, the density of 5G base stations will have to be far higher than 4G, just to cover the same area, meaning that total spending on 5G will be far higher than that of 4G, Wang added.