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"Financial conditions are very good, and (Powell) is tightening in line with those trends," Boone said.

"From the economic perspective, speculation in the real estate market will create a lot of bubbles, further leading to problems in the banking system and financial system," Tang told China Daily.

"For it to work, it has got to be something that has wider ownership and acceptance than just being a Beijing initiative," he said.

"First, data protection departments should take their own responsibilities in accordance with relevant laws and regulations and work out training to improve data protection capabilities. Second, we should tackle the root cause for the data security problem, such as promoting the issuance, use and management of digital ID cards as soon as possible. Third, China should carry out cybersecurity evaluation and reviews. Last, companies need to revisit their measures to protect and use data," Li added.

"Formal and informal barriers are rising. Frictionless trade is beginning to rub, supply chains are starting to drag. Business leaders must recalibrate and adapt to this new reality or global players", he said.