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"China is so integral to global supply chains for many products that a good portion - but not all - of the tariff impact will be passed onto US consumers. US firms will be the bigger losers," he added.

"China has entered a stage of stable leverage as the country's deleveraging efforts have delivered primary effects," Liu Shijin, vice-president of the China Development Research Foundation, a government think tank, told the Economic Daily.

"China has to compromise in some areas, the US will have to compromise on others. What the EU and to some extent Japan are trying to do for the moment is talk to the US, talk to China, so at the end of the day everybody is around the same table."

"China is restructuring the whole industry, and reducing emissions and environmental pollutants while doing it. The importance of Song's presidency is to transfer the knowledge and experience that they have accrued in the Chinese market."

"China is great with building hardware very quickly and at a very low price. And China has a great infrastructure in building IoT, hardware solutions and automation," he said.