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However, Quan added, tariff costs only represent a very small proportion of medicines' sales prices, while medical insurance negotiations and group-buying are more efficient means to cut drug prices.

Hou Yanbo, deputy director of the State Post Bureau's market monitoring division, said China has also ramped up support for civil aviation and logistics providers' air cargo operations and has added more chartered flights to enhance its international airfreight capacity.

However, as the country's urbanization drive goes into full gear and pushes up land and labor costs on the eastern seaboard, the traditional silk-making industry is shifting further inland, with many companies, like Wang's, setting up factories in the western part of China.

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Housekeeping service providers have been strengthening their training of employees in certain areas of expertise to help them become more competitive. Ainong, Dutch dairy company Royal FrieslandCampina, Beijing Tongzhou Fuping vocational training school and the China Foundation for Poverty Alleviation have launched a rural revitalization fund to train poverty-stricken women to become postpartum nannies in cities.

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Housing advocates march on Amazon’s headquarters in support of head tax. (GeekWire Photos / Monica Nickelsburg)

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Hongying Wang, an associate professor of political science at University of Waterloo, said there is room for the new development banks to complement the legacy banks given the huge need in infrastructure financing in the Asia Pacific.

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House Minority Leader Nancy Pelosi speaks during a break in a House Democratic Caucus meeting where she was nominated to be Speaker of the House for the 116th Congress on Capitol Hill in Washington, on Nov 28, 2018. [Photo/Agencies]

However, Xu said, "Most of the global growth will still come from China, and the country may play an even stronger role this time, as it is projected to be the only major economy to see growth this year. China's contribution to the global economy remains significant, as its economic scale and volume are much larger than that during the 2008 global financial crisis."