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"Chinese companies need to join forces in overseas expansion, and beef up their respective advantages. They should keep away from vicious competition," he added, referring specially to a previous irrational investment frenzy.

"China started 5G research experiments in 2016, and entered the third stage of system verification this year," Wen Ku, head of the MIIT information and communication department, said at the ongoing first Digital China Summit in Fuzhou, capital of East China's Fujian province.

"Chinese companies, led by Huawei and BOE Technology, gained ground. In fact, China was the only country in the top 10 to actually show an increase in US patent activity; all other countries, including the US, saw declines," said Larry Cady, a senior analyst at IFI Claims Patent Services, in an article posted on the technology blog Venture-Beat.

"China's economy has benefitted considerably from the more domestically focused, investment-driven growth model after the 2008 global financial crisis, when many developed economies encountered weakened consumption growth resulting from the fallout of the crisis," said Sang Baichuan, director of the Institute of International Business at the University of International Business and Economics in Beijing.

"Compared with the service sector which was dealt the heaviest blow by the contagion, manufacturing activities are quickly regaining momentum. This will help mitigate the overall negative impact on the local economy," Deng said.