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"China-US economic and trade cooperation has reached unprecedented depth and breadth," said the report, noting that bilateral trade surged last year by roughly 252 times since 1979 to 3.5 billion.

"Currently, we have over 200,000 enabled merchants throughout the US right now that can accept Alipay. By partnering with these US merchants, Alipay also helps them to grow because they can tap a group they normally cannot reach."

"Chinese consumers are more willing to spend money on cosmetics and skincare products, and more people are paying attention to the quality of products," said Neil Wang, president of consulting firm Frost & Sullivan China.

"Considering total global production capacity, there is a gap between mask supply and demand. In addition to speeding up production and increasing market supply, we also need to improve efficiency of the use of masks and reduce waste," Ou added.

"Chinese students alone contribute billion, alongside countless other benefits, so even a modest reduction in Chinese enrollment would be devastating," she said.