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"Companies must balance low manufacturing costs with overall supply chain costs such as transportation and components supply," Tonby wrote.

"Cross-border trade has become a vital growth engine for the city's economy," Wu said. "The city has seen an increase in import and export activity, and bilateral investment since last year."

"Climate change is really slamming the land," said World Resources Institute researcher Kelly Levin, who wasn't part of the study.

"China still has the best production supply chain of anybody in the world, and as it turned out, they were able to tackle the pandemic faster and more efficiently than anybody else," he said.

"China's 5G industrial chain is relatively complete at present and it has developed certain advantages in some parts, however, there are still some difficulties and bottlenecks," Li Zhen, a senior analyst with the communication research center of CCID Consulting, said.