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"China has strong internet presence with well-known players such as Baidu, Alibaba and Tencent. In comparison, Singaporean companies excel in business-to-business technologies, and have good solutions in finance, transportation and logistics," Tan said on the sidelines of the ongoing 2018 Smart China Expo, one of the largest information communication technology events the Chinese government has organized.

"China has a population of 1.4 billion, of which 400 million are considered as middle-income, which means there's a huge domestic consumer market with rapid growth potential," he said. Therefore, he added, China's foreign trade partners and investors have attached more importance to the Chinese market.

"CHEP's revenue in China is estimated to increase 20 percent to 30 percent in 2019, compared with last year," said Qian Yu, Asia president of CHEP, which is a London-based global provider of supply chain solutions listed in Australia.

"China is ahead of the rest of the world in terms of application innovations in many sectors, including financial, retailing and e-commerce," said Sanjay Poonen, chief operating officer of VMware, in an interview with China Daily.

"China firmly opposes the plan and has lodged solemn representations and protests to the US side," Foreign Ministry spokesman Geng Shuang told a press briefing.