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"But technology by itself is not enough. Projects with advanced technologies must be accompanied by viable business models, stable regulation, and smart policies to deploy the technologies," Nakao added.

"But some of the countries that were interested in creating bilateral (agreement) with us are getting a little more reluctant to deal with us because of the uncertainty of what's going on right now," she said.

"China is also home to many major 5G equipment suppliers and smartphone vendors, which will be responsible for an aggressive marketing push over the next few years," says Nicole Peng, Vice President of Mobility at Canalys.

"China has done its best, from sharing information on the virus and the disease to providing medical resources to foreign countries, and now it is committed to developing vaccines as a global public product, with actual action," Shi said.

"COVID-19 has connected us and made us re-examine our responsibilities, both as individuals and as businesspeople," said Yu Xubo, president of the centrally-administrated State-owned enterprise.