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But other major economies are likely to maintain monetary easing and fiscal stimulus to tackle the COVID-19 shocks. And the US and European Union central banks may re-raise their policy rates as early as 2025, Goldman Sachs' economists said.

But experts say Western brands aren't yet in a position to be successful in China, the world's most important luxury market, because of their reliance on brick-and-mortar stores and lack of savvy when it comes to digital retailing.

But analysts also highlighted that Huawei is working hard to beef up its own mobile ecosystem Huawei Mobile Services, better known as HMS. It was designed to replace the Google Mobile Service after the US government banned the company from using Google's products and services in its mobile devices.

But experts are calling for more transparency to ensure public support.

But much remains to be learned.