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"Deglobalization will not bring factories back to the United States," as the products of most US corporate foreign affiliates are sold where they are produced, the report said.

"Despite sluggish conditions in traditional pillar markets such as the US and many European countries in recent years, notable growth came from India, Africa and South America. This has somewhat offset tardy progress elsewhere," Li of the GTA said.

"Facing the current market situation, our company will uphold the concept of value investment, grasp the features of growth of the new economy, and take strategic emerging industries and high-quality private companies into the scope of our core assets.

"Facebook's privacy scandal shows that some US technology companies sacrifice their users' interests to meet the demands of political intervention and manipulation both at home and abroad," said Shen Meng, director of boutique investment bank Chanson & Co.

"Despite the negative effects of the COVID-19 epidemic, the added value of Beijing's finance sector rose by 5.7 percent during the first six months, reinforcing its support for the city economy," he said.