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"For many years, world trade was a rule-based process; the rules were certainly imperfect and changing from time to time," said Karp. "It seems to me Trump has kind of departed from that approach. The outcome is it's not something that any people can predict."

"Frugality is a traditional virtue of the Chinese nation, and we should still promote it even in an age of abundance," Zhu Yi, an associate professor at the China Agricultural University, was quoted by the newspaper as saying.

"For instance, greater access to mobile technology in China has fostered the expansion of the 'sharing economy', which is expected to reach 10 percent of GDP by 2020," the report says.

"For some new infrastructure and manufacturing projects, central SOEs have shifted much work back to their plants in China, to ensure the work can be properly continued after the coronavirus outbreak," he said.

"Governments will need to pursue a credible medium-term fiscal plan that relies on improving revenue mobilization -- including through minimizing tax avoidance, greater tax progressivity in some cases, carbon pricing and higher efficiency in spending," they argued.