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Lingnan University Vice-President Joshua Mok Ka-ho, a social policy specialist, said the challenge faced by the sector is to raise the awareness among seniors and front-line staff of the value of high-tech devices.

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Liu Qiang, executive vice-president of BOC, said: "Among various banking businesses, personal banking requires less capital and plays a significant role in hedging against economic cycles.

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Liu said the company has about 1,200 employees in the US right now — about 650 at the Rumford mill, 342 in central Wisconsin, 110 in West Virginia and 130 at the Old Town mill once it reopens.

Liu Ligang, chief economist at Citibank China, said that the infrastructure investment slowdown can be largely attributed to monetary condition tightening, the bond net financing shrinkage of local government fund financing vehicles, and the cleanup of public-private partnership projects.

Liu Chunsheng, an associate professor at the Central University of Finance and Economics in Beijing, said the package of financial opening-up measures came at a time when it is imperative to improve the efficiency of the capital market to support the real economy.

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Liu said he is closely monitoring the situation but is not considering laying off staff. He remains optimistic the downturn won't last.

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Liu delivered a message from Chinese President Xi Jinping to Trump, in which Xi pointed out that China-US relations are at a critical stage.

Liu said introducing VAT has been the government's most important action in cutting taxes and lowering the burden on enterprises.