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"Due to external uncertainties such as the impact of COVID-19 pandemic and rising protectionism, the fragile supply chain of raw materials and the unstable supply channels have become even more vulnerable," said Li Xinchuang, Party chief of China Metallurgical Industry Planning and Research Institute.

"Digital trade" refers to the production, distribution, marketing, sale or delivery of goods and services – domestically and abroad – supported by cross-border digital flows. This consists of trade in digitally enabled products and services and cross-border data flows that create economic value in the domestic economy, according to the report jointly released by the Center for China and Globalization as well as the Hinrich Foundation.

"Economic growth of 6.9 percent, unemployment of less than 5 percent, and consumer inflation of 1.6 percent－such an economic operation scenario is rare and commendable, not seen in other countries," Sheng said.

"Demand for investment was quite hot in 2016, 2017 and the first half of 2018 ... but such demand has ceased to exist, and I don't think it will come back in 2019."

"Despite the crackdown from the US government, Huawei manages most of its business going on as normal,"Liang Hua, chairman of Huawei, said.