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"China is perhaps better positioned now than ever before to become a globally competitive player in both semiconductors and AI ... because leading digital businesses (in China) have signaled that greater domestic self-supply of semiconductors is a vital component of their future," he said.

"COVID cases are continuing to climb nationwide and with the holiday season in full swing. It could get worse before it gets better," Governor Andrew Cuomo was quoted as saying.

"China continues to be a fertile ground for companies with rapidly scaling revenues and innovative business models, which supports the capital market performance of Chinese companies," said Stephanie Tang, China head of private equity with Hogan Lovells, a global law firm.

"China is definitely listening to what other countries' needs are," he said. "We're hopeful that China will engage in malaria elimination in a number of countries, and if that could fit into the uplifting message around the Belt and Road, and China chose to do that, that would be one way to go about it.

"But such a seemingly booming scene of 'luxuriant foliage' is, in fact, very dangerous, and it can be upended in an instant, because it is not supported by 'deep roots' under the ground," he said, referring to the lack of homegrown core technologies such as high-end chip manufacturing techniques.