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"China's strong economy should be seen as a good thing right now, as China is such an important export market for so many other countries," Cavender said. "The fact that China is still buying and hasn't seen an economic collapse is important for the world, as China right now is a lifeline for a lot of multinational businesses that have seen severe reductions in sales in their home markets."

"Chinese tourism is a big prize in global trade. ... On this front, the US has more to lose than China," Robin Winkler, foreign-exchange strategist at Deutsche Bank, said in a note in June. The trade war "would likely take a severe dent to household income growth to squash the new middle class's appetite for passports and foreign travel. A weaker exchange rate could make foreign travel somewhat less affordable", Winkler added.

"China's vast majority of cultural and entertainment enterprises and talents, together with Activation's unique international vision and local expertise, will truly foster quality cultural enterprises in China and bring them to the global stage," said Zhang Saimei, general manager of SHIVC, during a signing ceremony last week.

"Compared to existing test areas across the nation, the test and demonstration area in Lingang is fully covered with 4G and 5G networks, and it offers a larger area for testing and well-designed test scenarios," said Gu Changshi, chief planner for industrial development with the Shanghai New Lingang Area Development Administration.

"Chinese universities focus more on the number of academic papers than cooperation with industries. But if China wants to emerge as a technology powerhouse in the world, it needs to tackle that challenge," Lee said.