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Hong Kong has been ranked the world's freest economy every year since the index was first published in 1995.

Under the contract Li signed with the Shanxi state-owned assets watchdog in February 2017, one target for Fenjiu Group, the first pilot SOE in the contractual management reform in the province, was to increase its annual profit of the liquor sector by 25 percent. Otherwise, Li would be dismissed from his post with the company.

Many others agree. Donald Straszheim, senior managing director and head of Evercore ISI's China Research Team, said both governments should be aware that a trade war is a lose-lose option.

Hiesinger said that Thyssenkrupp's recent footprints in the country have been closely following China's repositioning of its industry and the country's 13th Five-Year Plan.

Levy said the share of labor in U.S. manufacturing fell by more than 33 percent between 1985 and 2001, the 16 years leading up to China's WTO membership. That backed up his conclusion that China, if anything, had actually played a much lesser role in the downward trend.