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China's wine market size is expected to reach billion in sales revenue by 2021 with an average annual growth rate of more than 30 percent, suggesting the strong wine-consumption potential of the world's most populous country, according to a recent report released by Vinexpo, one of the largest global exhibitions for wine and spirits, and the International Wine and Spirit Research.

China, Allen said, is becoming an innovative economy in many areas — payments, electronic vehicles, drone technology, artificial intelligence and some aspects of life sciences.

China's top political advisory body holds its second plenary meeting of the annual session, May 24, 2020. [Photo/Xinhua]

China's top financial technology platforms have removed online deposit products following scrutiny from regulators concerned about risk issues.

China's supply chain that is closely linked with other countries, including the US and many US allies in Asia and Europe, has complicated the situation for possible US actions. Most economists believe that China would win if a trade war breaks out between the world's two largest economies, although they admit that there is no real winner in a trade war.