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"China strongly condemns and firmly opposes the US tariff proposals and is ready to take reciprocal measures on US products," the Ministry of Commerce said in Beijing shortly after the US announcement.

"Counties and townships shall also be included when boosting rural consumption, as they boast enormous potential. High-end consumption in big cities should not be our sole focus," Li said. "County consumption capacity is modest, yet it will grow and upgrade. Efforts should be taken to adapt to different consumer needs and improve people's lives."

"Compared to Western consumers, the Chinese are more willing to accept intelligent home facilities, which will absolutely help the development of smart home in China," said Ma from Mintel.

"Consumers have become more conservative spenders," said Xu Ruyi, head of research for Mintel China, which tracks spending across the country's 15 major consumer markets and releases the report annually.

"Cooperating with China Mobile, the Tianjin center started to use 5G networks in late August. With 5G networks, we can connect video cameras, guided vehicles and vibration sensors with 5G mobile phones. We hope to better understand the advantages of the technology, and then apply it to our global factories," said George Xu, CEO of Airbus China.