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"But there are still huge gaps between SMEs and large enterprises, in digital strategy, talent, technology and capability. During the pandemic, the need to go digital has become even more pressing than ever. We want to use the information and communications technology to help European SMEs stay competitive. We want to help them go global," Li said at the second round of Huawei European Innovation Day 2020, an event held online in Germany.

"But the local regulations are not comprehensive and have unclear penalties," he said. "Some owners who don't abide by the regulations, such as having dogs unleashed, have received no warnings or punishments at all.

"China opened-up in 1978 and then established diplomatic relations with the US in 1979. We have been building the bridge for US-China economic cooperation since 1981. Although the US and China are going through some trade disputes, we believe it's only a short term problem," Huang said.

"But those who survive will be very excellent, just like the survivors in the mobile phone sector."

"By far, average transaction value of institutions that have opened storefronts via Ant platform is 62 times that of those who have not. Besides, the former's asset management scale is 68 times that of the latter," said Huang Hao, president of Ant Financial's digital finance business unit.