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"China is a big and responsible country. It's developing fast and influencing the world economy, especially that along the Belt and Road Initiative," he said. "Many countries will benefit from it."

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

"But today, we are open and receptive to what the consumers have to say because we belong to them," Seth said.

"By the end of August, we are expecting to open 200 more Bingobox stores," said Chen Zilin, CEO of Bingobox.

"CSIC will no longer take orders that have no profit or may cause financial loss from the civil ship market and deploy more resources on producing high-end products such as deep-water semi-submersible drilling platforms, intelligent offshore ocean farming facilities, very large crude carriers and vehicle carriers," he said.