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China's policies have largely focused on controlling the epidemic, promoting economic growth and easing financial difficulties of small and medium-sized enterprises, said Sheng. "The US Fed has said its aim was to facilitate credit and prevent short-term disruptions from turning into long-term recession."

China's trade partners have long worried about the quality of IP protection in the country, but those worries are seen as remnants of a system of IP development and legislation that was not as advanced as it is today. Reforms have been ongoing for almost two decades.

China's view of what the future global order looks like might differ from that of the US, Hormats said. "But the fact is, if there is no order, if the system deteriorates badly, it doesn't serve the interests of the United States, and it does not serve the interests of an economically expansive and growing China.

China's year-on-year GDP growth fell to 6.9 percent in 2015, dropping below 7 percent for the first time since 1991, and it dipped further to 6.7 percent last year. The country is rebalancing its economy from external, export-driven and manufacturing production-based, to more internal, consumption-based, and it is shifting its focus from the manufacturing to nonmanufacturing sectors, which has contributed to the moderation in recent years, Sawada said.

China's upgrading consumption structure is gravitating the retail industry toward an emphasis on convenience, diversity and hands-on experience, according to Gao.