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"China's digital transformation has developed at an unprecedented speed and has created huge and precious opportunities. The Chinese market has become one of our largest markets globally," said Kang Rong, vice-president of Microsoft Greater China.

"China will ... share the successful experience of its maternal and child health work with African countries. China stands ready to contribute to the improvement of women's and children's health worldwide," she said.

"China's smartphone market is declining because consumers are holding on to their phones for longer, operators like China Mobile have reduced their smartphone subsidies, and device makers such as Huawei have launched fewer 'wow' models to tempt shoppers back into retail stores. Some consumers are finding their smartphones 'good enough' and are pausing on upgrading," Neil Mawston, executive director at Boston-based Strategy Analytics, said in an email.

"Considering that some Cabinet members we engage with regularly have been exposed to individuals who were tested positive of COVID-19 and have decided to undergo self-quarantine, it is just prudent for us to take precautionary measures in compliance with the advice of our health officials," Presidential Communications Secretary Martin Andanar said in a separate statement.

"China's strong performance on the Midas List demonstrates that the country is continuing to produce a number of high-growth and highly-valued companies. While sometimes unknown in the US, these businesses can become globally significant, such as with Bytedance, the owner of popular app TikTok (known as Douyin in China), and they generate returns any venture capitalist would desire," added Konrad.