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"China, by 2035, will be one of a handful of global leaders in a number of key technologies that will shape the future," he said.

"Comprehensive and highly efficient logistics systems have become the core competence of enterprises to attract customers, especially for e-commerce platforms and express delivery companies," Xia said.

"China's growth model, despite foreseeable headwinds, has been evolving constantly, including further opening up in attracting international capital and deepening financial market reforms," she said. "We expect China to adapt to current challenges and stabilize growth with corresponding policy supports."

"Clouds are on the horizon" for California especially if the trade war intensifies, said Jim Doti, chair of business and economics at Chapman University.

"Chinese customers are much more demanding of quality, of making sure the product lives up to expectations," he said. "That's why we look for good partnerships in China like Alibaba to make our products available and relevant to them."