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Another key factor going forward for China's tech sector is the "Shenzhen effect" - manufacturing clusters with deep networks, experience, expertise and easy supplier availability not available anywhere else will allow Chinese companies to integrate hardware in software. "5G is another step function. There is going to be stuff that we can't even imagine that is going to be built in Shenzhen because of the proximity of all those people together," Robinson said.

Apart from that, real estate market in China stays strong and resilient amid the virus outbreak, with property investment in first five months only dropped 0.3 percent year-on-year, and has returned to basically the same level as last year.

Apart from Huawei, the four-day Smart City Expo World Congress, which opened its doors on Tuesday, brings together tech companies such as ZTE, Alstom, Ferrovial, or Microsoft to expose the latest innovations applied to smart cities.

Anthony Fauci, director of the US National Institute of Allergy and Infectious Diseases, has said that the level of infection in the country would not "all of a sudden turn around."

Another organizer of the volunteer group, Chong Sau-kwan, a businessman, described the flyers littering the streets as a disgrace to the city. He said he had seen investors and tourists raising eyebrows at the abusive language used in them.