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"Continuous innovation and reliable quality are the foundation for brand survival, and the power for long-term development," said Yan Kesheng, vice president of Xiaomi.

"China's Position on the China-US Economic and Trade Consultations", a white paper report released on Sunday by the State Council Information Office, followed an earlier white paper in September. It reiterated that Beijing does not want a trade war, but is not afraid of one, that it won't back down on "major issues of principle", and that its only intention is to reach a mutually acceptable deal.

"Currently, SMEs are expected to ensure enough cash flows and prevent disruptions by increasing business income, reducing operating costs and obtaining external financing," said Huang Yiping, a professor and deputy dean of the National School of Development at Peking University.

"China's textile industry urgently needs to figure out how to face the challenges brought by the new era of reform and opening-up," said Sun Ruizhe, president of the China National Textile and Apparel Council. He added that "technology, fashion, green" has become the new label for China's textile and garment industry.

"Consumers are becoming more selective about the products they purchase, and tend to buy products that have more practical uses," said Emily Cheng, general manager of Honeywell Connected Living Solutions China.