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"But whether Douyin can maintain this success remains a question, as youngsters' interests can change quickly. It depends on how the platform is going to operate in the long term," he said.

"China is transitioning from the high-speed growth stage to a new phase of high-quality development," the NDRC noted in a statement posted on its official website on Wednesday. "With the new round of technological revolution and industrial transformation, the domestic and global environment has undergone profound changes. The previous version can hardly adapt the new changes in the new situation."

"China is now Honeywell's largest market outside the US. It is our hope to carry out more profound cooperation with Pudong-based Chinese domestic companies, such as Commercial Aircraft Corporation of China. The solid groundwork that we have laid in Pudong will continue to drive our development in China, playing a crucial role in our integration into the country's digital economy," he said.

"China makes the high-road call for 'matters of principle' and directly addresses what is reported to be the prime area of disagreement: enforcement," he said. "China asserts that if a trade agreement is reached, it will honor its commitments sincerely and faithfully."

"China has the potential to become a world leader in three areas supporting the development of artificial intelligence－data, computing capability and algorithms. Besides, as the market size for internet and information security is expected to see a 10-fold increase, many Chinese practitioners in these areas will take this opportunity to start their own business," he said.