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And China still has many cards to play. It could, for instance, consider targeting the cross-border service trade in which the US enjoys a huge surplus with China. And US multinationals in China, which have pocketed tremendous profits in the world’s largest consumer market and account for a major part of China’s nominal trade surplus with the US, could also be a target if the Trump administration announces further tariffs targeting Chinese goods.

Analysts believe China's nuclear energy efforts are set to go into overdrive after a three-year hiatus, with a few projects expected to go on-stream or start work this year.

And Chinese fintech giant Ant Financial Services Group, Alibaba's payment affiliate and owner of Alipay, has acquired a stake in Paytm, India's largest mobile wallet operator by user number.

Analysts said it was a sign that consumer confidence had dipped, amid an impeachment inquiry of President Donald Trump and uncertainty in the 15-month tit-for-tat US-China trade war.