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"China will become the major driving force (behind) global licensing market growth by the year 2020 when the middle class population in the country reaches 600 million," Riotto said.

"Consumption spending in both the home and global markets is expected to rise at a fast pace this year, pushed by China's ongoing consumption and industrial upgrading, as well as the emergence of new industries, including e-commerce, 4G and 5G technologies, mobile payment, virtual reality and the sharing economy," said Zhou.

"Companies from Europe and other parts of the world are all part of China's story of development", he said, adding they will continue to achieve mutual benefit through their operation in China.

"Crude has become a bigger problem for markets than the coronavirus," Adan Crisafulli, founder of Vital Knowledge, told CNBC. "It will be virtually impossible for (the S&P 500) to substantially bounce (back) if Brent continues to crater."

"Chinese companies, led by Huawei and BOE Technology, gained ground. In fact, China was the only country in the top 10 to actually show an increase in US patent activity; all other countries, including the US, saw declines," said Larry Cady, a senior analyst at IFI Claims Patent Services, in an article posted on the technology blog Venture-Beat.