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"Emerging industries, on the other hand, will decide China's position and competitiveness on the global stage. Sectors including 5G, artificial intelligence and the internet of vehicles will not only pull up manufacturing but will also stimulate investments in new infrastructure," he said.

"Dual-circulation" does not mean seclusion under the domestic circulation model, but instead emphasizes further opening-up of the economy and bolstering ties with other nations, a senior economist said.

"Even if the Hong Kong government taps its huge fiscal reserves for up to two years, it will not derail the city's economic growth prospects," said Jack Siu, senior Asia-Pacific investment strategist at Credit Suisse. "We are not worried about Hong Kong recording a budget deficit."

"Even though the world's shipping market has limped along since 2009 because of weak demand, the Belt and Road Initiative can effectively offer a lifeline to ailing global shipping companies," said Dong Liwan, a professor at Shanghai Maritime University.

"Everybody loses in a protracted trade war, we encourage countries to work constructively together to reduce trade barriers and to resolve trade disagreements without resort to exceptional measures," said the statement.