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"But unlike mobile applications sectors where a price war will squeeze out many startups, the smart speaker industry will always have room for players with core technologies," Li said.

"But still, bilateral trade has been growing so fast. It has benefited both countries. As people do more bilateral trade and investment with each other and there is more and closer contact between each other, competition will also increase. This is just a fact," he said.

"But people in Washington aren't even aware of it, in part because the Trump administration does not have a single person at the senior level who knows anything at all about how the US-China relationship was restored," he said.

"China has managed the aftermath of coronavirus much more efficiently than Western economies and will therefore catch up with these economies rather more quickly," he said.

"By connecting social and retail environments, we will create innovative digital services and delightful experiences for our users, help brands build deep emotional connections with consumers and support the laying of strong foundations for long-term brand growth," said Davis Lin, senior vice-president at Tencent, who is in charge of the company's smart retail strategy.