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"CATS has grown into one of the most innovative and successful independent education providers in the United Kingdom and the United States."

"But the policymakers would need to skillfully manage liquidity so that the case does not fuel a series of defaults, which would make the market nervous. We expect the Chinese government will be able to manage the rising credit risks in China," Pang added.

"China has been an important engine for global growth in recent years," said Liang Haiming, dean of the Hainan University Belt and Road Research Institute.

"But today the tables are turned. The best domestic banks in China actually have better capabilities and more skills than the international banks in their consumer banking units here in China. So we are going back and learning from the domestic banks about how they evolve their business models here, how they partner with some of the most advanced fintech companies in China, and how they are redesigning customer experiences and customer journeys through their mobile and online platforms," he said.

"But the case made by the USTR is an embarrassing symptom of a scapegoat mentality that has turned America into a nation of whiners," Roach wrote.