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"But that does not mean demand will be wiped out, it is just a temporary delay," Wang said.

"By coming here I discovered that the scope of the SXSW Film Festival is beyond what I expected. It is such a great platform to promote our films to the world. I will definitely share my experience and knowledge of SXSW with my peers. China needsto come to SXSW," Liu said.

"By putting the funds into special accounts designated by the central bank, the payment firms can no longer earn interest on the reserved funds. Meanwhile their bargaining power with banks will be greatly affected," he said.

"China has a huge growth market," Poole said. "Brexit is looming upon us and China has a growing economy - it's a world leader in some areas. What tech firm Alibaba did was just phenomenal."

"China Mobile will launch 5G smartphones in the first half of 2019, as part of the push for 5G precommercial trials in 2019 and commercialization by 2020," said Li Huidi, vice-president of the major telecommunication carrier.