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As for the most likely primary cause of the next recession, 62 percent of economists said the Federal Reserve raised interest rates to cool off an overheating economy. Other reasons selected by economists surveyed were a financial crisis, the bursting of an asset bubble, a fiscal crisis or disruptions to international trade.

As all-weather strategic partners, China and Pakistan need to further enhance their communication and cooperation to deal with external challenges together as the international and regional situations are going through complicated changes and the pandemic has changed the world profoundly, Zhao said.

As for this year's A-share market, Ulrich said she holds an overall optimistic attitude, considering supportive macro policies, the mild economic recovery, as well as the "attractive" valuation.

As both sides left open the door for communication, experts urged that talks for a negotiated resolution be held until it is too late to prevent global economic instability caused by a protracted downward spinning of China-US commercial ties, which have become an increasingly vital component of the world economy.

As early as March, Trump mentioned the possibility of putting the cartels on the terrorist list. And the proposal gained momentum again in November, after the massacre of a dual-national Mormon family in north Mexico. The shocking crime saw cartel hitmen slaughter women and children in a hail of bullets.