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"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.

"Financial services, legal services, accounting, technology and higher education, these are areas (in which) Hong Kong could contribute a lot," Joseph noted.

"Global sales of OTT TVs will amount to 260 million units this year, with revenue from advertisements reaching 7 billion yuan to 9 billion yuan. Moreover, the deployment of 5G technology will make the transmission of 8K content possible, as well as boosting the development of the internet of things," Peng said.

"For the physical store chains, they have been unable to keep up with the growth of online retail," Matthew Crabbe, research director for the Asia-Pacific region at consultancy Mintel, told China Daily.

"Fortunately, the Trump administration and the Chinese government are in very active discussion about ways of rebalancing the economic relationship, particularly in the context of the comprehensive economic dialogue," she said.