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As the world's largest developed country and the largest developing country, the United States and China also need to negotiate a new trade deal, covering issues including the steel and aluminum industries, investment, State-owned enterprises and intellectual property rights, according to Bown.

As the sluggish recovery of the global economy continues, China's persistent deepening of economic reforms will enhance its role as the driving force and stabilizer of the world economy, said Jiang Yuechun, an analyst with the China Institute of International Studies.

As production gradually resumes across the world amid the COVID-19 pandemic, people are trying to push other sectors in their daily lives to return to normal. However, school reopening still poses a serious risk of the spread of COVID-19.

As the world witnessed a wider opening up of the Chinese economy, many US financial giants have started to expand their operations in China, such as BlackRock, Vanguard, and JP Morgan, despite harsh political rhetoric from the US side.

As the world's largest 5G and smartphone market, China has already made constant progress in telecommunication and electronics industries. A string of US tech firms, including Qualcomm and Apple, heavily rely on the China market for revenue and supply chains.