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"Franklin Templeton has always been very much focused on the Chinese mainland," explains Chang, now chief executive officer and regional head of Greater China at Franklin Templeton Investments (Asia).

"For nearly four decades on the train, I have witnessed a great transformation: More roads have been built in the countryside, trains run faster and people enjoy better lives," Zhao said.

"For most of the past decades, the family planning policy was more restrictive and the related social and economic policies were designed to encourage fewer births," he said. "With the relaxation of the family planning policy in recent years, these policies need adjustment."

"For example, Fonterra has been collaborating with Alibaba's Hema Fresh to sell fresh pasteurized milk. It also supplies raw milk to leading Australia baby and infant formula brand A2, which has been very popular in China," he said.

"From a 5G telecom equipment point of view, I don't think this hurts the company too badly, but this will hurt in 5G smartphones and any aspirations in the 5G edge data center," said Patrick Moorhead, president and principal analyst of Moor Insights and Strategy, a global technology consulting company.