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"Chinese consumers are trading up to higher-quality products," Jeff Walters, BCG managing director and co-author of the report said. "Digital technology is one of the underlying drivers that will continue to spur purchases."

"Chinese consumers are not very worried by the Trump tariff tantrum because this is the eighth consecutive year in which the (tertiary) services and consumption sector is the largest part of the GDP," he said.

"China will keep close communication with all parties in a manner that is objective, just and responsible," Wang added.

"China's sharing economy market and the employment in the sector witnessed rapid growth despite rising macroeconomic downward pressure," said Yu Fengxia, deputy director of the Sharing Economy Research Center.

"China, Japan and South Korea took different approaches in dealing with COVID-19, and they can share lessons with ASEAN," Pitlo said. He also welcomed the planned signing of the RCEP, saying that a new free trade agreement like the RCEP can help economic recovery.