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"But the diversity of languages across different markets will pose a major challenge, as companies could no longer leverage the low marginal costs for aggressive expansion as it did in China."

"China must aim at the US's weakest points to make the strike as US 'fight and talk' trade policies with China will continue in the long run," he said.

"China is willing to learn from Singapore to promote comprehensive development of bilateral relations," he added.

"China is our second-largest trade partner, both in terms of trade of agri-food products and total trade of goods," Hogan said. "And we believe there is great potential to do much more."

"China has rapidly emerged as a global leader in the consumer-driven digital economy. The next wave of digital transformation in China is likely to lead to the restructuring of value chains and boosting of productivity through broader adoption of digital technologies by businesses," said Sha Sha, senior partner of consulting firm McKinsey & Company and managing partner of McKinsey Digital Asia.