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"Despite all the differences between us, despite all the ups and downs, our cooperation has been deepening and broadening, bringing real benefits to people of the both countries," he said.

"Debt-to-equity programs work well for companies that are facing short-term obstacles but are expected to see profits in the future," said Xu Gao, chief economist with China Everbright Securities. "The key is to ensure the programs can be implemented using legal means and with high transparency."

"Do not be flip when it comes to your important relationships," the scholars warned.

"Despite challenges with COVID-19, 19 out of the top 22 companies in China grew their shopper base, demonstrating there are ample growth opportunities for even the biggest players," said Jason Yu, general manager of Kantar Worldpanel Greater China.

"Exports to China are very limited compared with the imports ... China is a large country with a very large population and the exhibition is an opportunity to increase our exports to China," she said.