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"China is taking the lead in the electric vehicle market as there is a real government push to clear the air," said Bill Ford, executive chairman of Ford Motor Company, at the 2017 Fortune Global Forum this month.

"China knows this. That's why they joined the WTO (World Trade Organization) back in 2001, and they have been cutting their tariffs ever since," he said.

"But we are not fretting about the possibility that food prices will register a continuous, higher-than-expected rise," said Li Chao, chief macroeconomic analyst at Hua?tai Securities.

"China is likely to become more determined to develop renewable energy as part of its efforts to reduce energy imports from a longer term perspective, as the COVID-19 has worsened geopolitical tensions and international trade disputes that will not be eased anytime soon, increasing China's energy security concerns," she said.

"China has always been the fastest-growing and biggest potential market for Steinway. It is also the market that we have been investing most heavily in," she added. "After being here for about 20 years, we are finally at a phase of stable growth every year. We think it is the right timing."