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Huang, also a senior fellow at the Carnegie Endowment for International Peace in Washington, said the Committee on Foreign Investment in the US, a multiagency federal panel that determines whether deals with foreign corporations raise antitrust or national security issues, is a particular cause of Chinese concern.

Huawei's finance chief Meng Wanzhou (center) leaves a court hearing in Vancouver on Tuesday. JENNIFER GAUTHIER/REUTERS

Huang, who lives in Beijing, was apparently reluctant to pay almost one-eighth of her monthly salary in the cinema, and she was not the only one. Average ticket prices in second and third-tier cities have risen by almost 15 percent, while the rate for first-tier cities was about 9 percent.

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Huawei is confident 5G will bring great benefits to everyone, Hu said during a discussion titled "Strategic Outlook on Digital Economy" at this year's forum, which this year carries the theme "Globalization 4.0", also known as the "fourth industrial revolution".

Huawei knocked Apple Inc off its second-place seat in the second quarter of 2018. The two are in fierce competition. Currently, Samsung Electronics Co is the largest smartphone vendor in the world.

Huawei, a telecoms company founded in 1987 in Shenzhen, has grown at an incredible speed with a projected 2018 revenue exceeding 0 billion. In the smartphone market, it has become the world's second-largest player by market share, ahead of Apple. The company is also investing heavily into 5G technology.

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Humphrey said it’s a deeply important subject to keep alive because it’s a reminder to all that events like this should never ever be repeated.

Huo Jianguo, a researcher at the China Center for International Economic Exchanges in Beijing, said that because China, Japan and South Korea are three major manufacturing powerhouses and outbound direct investors in Asia, a trilateral FTA should upgrade the level of trade liberalization for cargo, services and investment, and it must be comprehensive, high-level and beneficial to all three.

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Huang Yiping, a member of the central bank monetary policy committee and an economist at Peking University, said China's current priorities include eliminating systematic financial risks and stabilizing its economic growth.

Human resources agencies shall also provide free or discounted services to retirees.