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Analysts said the push by Chinese companies to expand abroad is also due in part to increasingly fierce domestic competition.

An undated handout made available by the Livingston Parish Sheriff's Office of Dakota Theriot, in Louisiana, US, issued January 26, 2019. [Photo/IC]

And some major infrastructure projects had begun in the new area, including the construction of an intercity railway link with Beijing, which will cut the travel time between the two areas to 30 minutes from the current 80 minutes.

Analysts at Bank of America believe global oil demand will fall by 12 million barrels a day in the second quarter ?– the sharpest decline on record.

And it's not only US companies that are committed to deepening their roles in China's vast market. Jens Puttfarcken, president and CEO of Porsche China, said despite all the uncertainties, the company is optimistic about its sales performance in China and believes that there is no alternative to global free trade.