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As a larger and older retailer, Walmart has constantly worked with startups, said McMillon, citing the new Omega 8 platform that enables retail innovation startups to collaborate with Walmart China to create better services for customers.

As a representative of high-end Chinese green tea, Zhuyeqing tea (literally translated as green bamboo leaves) has become the official designated green tea of the China Pavilion for Expo 2020. The signing ceremony was held recently in Emeishan, Sichuan province, where the tea is grown.

As competition has ramped up, and Amazon steps into the grocery arena, grocers are beefing up their online and logistics operations. Albertsons, for example, this year began rolling out same-day delivery services, a drive-up grocery option and acquired meal kit company Plated. Other retailers are following suit, in addition to turning to the established Instacart to beef up speedy delivery options.

As an example of “thinking about what offensive tools that we already have and what tools we can develop to play offense”, Larsen said that rather than responding to China’s Belt and Road Initiative with alarmism, the US should reinvest in existing programs that promote trade, investment and economic diplomacy.

As a result, China's retail sales, a key indicator of consumption, rose by 4.3 percent in October from the year-earlier month, and gained 3.3 percent from September. In another indication of economic recovery, industrial output increased by 6.9 percent year-on-year last month, according to the National Bureau of Statistics.