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"China has improved across almost all Doing Business indicators over the last decade, but the progress has been particularly impressive during Doing Business 2018-2020, when most Doing Business indicators improved," the report said.

"China is now too important a market to ignore because investors can find the kind of growth opportunities here that are rarely available in other parts of the world," said Jeff Li, a London-based global equity fund manager at EFG Asset Management.

"China has quickly vowed to retaliate and if such an escalation does materialize, it would have significant economic impact on China, the US and the rest of the world, at a sensitive time for the global economy," it said.

"China firmly opposes the US action and urges it to immediately stop such provocation," he said, adding that China will continue to take necessary measures to safeguard its sovereignty and security.

"Cell phone technologies are constantly changing, and these findings provide valuable information to help guide future studies of cell phone safety."