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"Considering our huge population base, we lag behind the world's top level, but we're making small and steady growth every year," Wei said.

"Concerned with promoting freedom and academic excellence, we hope to see this center evolve into a real foundation. Its objective will be to push back the fundamental limits of research by supporting breakthrough scientific and technological innovations. This is necessary if we want to make significant progress, particularly in the field of artificial intelligence," he added.

"Consumers in the US and China are unequivocally the losers from trade tensions," the study said.

"Consumers these days are fastidious and want better quality and stylish products," said Xu Hui, a former clothing merchant from Yantai in eastern China's Shandong province, noting that the tendency appears in other sectors such as food, furniture and electronics.

"Consistency is likely to be another issue," Hua said. "UnionPay would need to be as readily accepted as Mastercard and Visa. It may take a long time to achieve this, particularly among small businesses."