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"But there is still a structural gap between China's service trade and other economies. The country's per-capita service trade is smaller than many countries."

"But now there are increasing numbers of retired people over age 60 due to the aging population, possibly bringing shortages in the labor force," he said.

"But we're more concerned about the use of the app, particularly cellphone location data to conduct that kind of contact tracing because that type of information can be so incredibly sensitive and invasive and so easy to abuse."

"But, certainly, we see the tremendous amount of opportunity and growth on a long-term basis. So, it would not deter us from our investment here in China."

"By doing so he is going to put about 800,000 people out of work. He proposes no solutions for those folks to continue employment anywhere," Smith told China Daily. "He puts at risk the pensions of hundreds of thousands of retirees with no solution on how to fix that problem either."