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And household upgrades are just the start of it－the center showcases myriad technologies that will be enhanced or made possible by 5G, including remotely piloted flying robots, driverless vehicles, augmented reality entertainment systems, virtual reality healthcare solutions, and smart manufacturing.

Analysts said though the central bank did not make the much-anticipated cut, it still has enough policy tools to use in the following weeks to lower the borrowing costs.

Analysts said that listed technology companies would be the biggest beneficiaries from the revised rules as the country's regulators intend to lower their financing barriers and encourage them to tap into the capital market for additional funding.

Analysts said Huawei still has a certain inventory level of chips, which will give it time to come up with contingency plans, as well as to assess the progress of domestic semiconductor companies. They estimate that Huawei has a stockpile of processors for smartphones and 5G base stations that could last at least until early 2021 and possibly through most of the year.

And as part of this, Victoria University signed a memorandum of understanding and an agreement on training talent with the Beijing Film Academy.