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Brands in China are also innovating to meet new demands from consumers, whose shopping patterns were impacted by the COVID-19 outbreak. Local brands are the driving force of innovation, accounting for about 80 percent of new product development this year, the Nielsen study said.

But AutoZone, an auto-parts retailer for the do-it-yourself market, beat Wall Street's earnings estimates. Same-store sales, or sales at stores open at least one year, slipped 1 percent compared with the 6.3 percent decline forecast by analysts.

Bucking the downward trend in the broader Chinese auto market, sales of new energy vehicles soared last year, seeing a 61.74 percent year-on-year growth to 1.26 million units, according to the China Association of Automobile Manufacturers.

Brand USA turns to China’s 'Dolphin Princess' Jane Zhang to help stem decline in Chinese visitors

Business leaders from both China and the US believe that healthy and stable China-US economic and trade ties are in the fundamental interests of the two countries and the world.