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"Everyone can register as a user on livestreaming platforms, but not all of them can become a livestreaming host," he said.

"Every trade negotiation entails hard bargains, but both sides have to make concessions that improve the well-being of the partner country compared to a no-deal outcome," Hufbauer said.

"Emerging technologies including unmanned delivery will be the core engine driving its businesses in the future," he added.

"Cutting taxes when the (US) economy is seeing full employment is likely to suck in more imports to satisfy some of the extra demand. The (US) trade deficit is already running at a 10-year high (and half of that is with the Chinese mainland) and is set to increase. The risk of trade friction seems likely to intensify in the coming year," cautioned Richard Jerram, chief economist at Bank of Singapore — the private banking arm of OCBC Bank.

"Economic reforms enacted in China have prioritized opening up China's economy to foreign investors in order to boost innovation and competitiveness by attracting more advanced industries and services," he said.