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"But we're more concerned about the use of the app, particularly cellphone location data to conduct that kind of contact tracing because that type of information can be so incredibly sensitive and invasive and so easy to abuse."

"Chief among them are political and social instability, closed borders limiting the movement of people and capital, an unfavorable business environment, difficulties in accessing credit by small and medium-sized businesses, disruptive technologies, harsh weather and lack of infrastructure," says Robert Kagiri, a lecturer at the Institute of Diplomacy and International Studies at the University of Nairobi in Kenya.

"China is actually becoming the leader in many markets and technologies that we are interested in," said Shafer, referring to digital platforms in China that help companies engage with customers.

"China is definitely a highly dynamic market for luxury brands. Growth momentum is largely seen coming from the country," Zhang said. "With the younger Generation Z consumers shaping up to be the backbone for luxury brands, their desire for socializing, interaction and sharing are propelling us to delve into the realm of social retail."

"But there are some worrisome and destructive forces at work on all sides of the bilateral relationship and the global environment that could lead us to a very unfortunate end," the former chairman of Morgan Stanley Asia warned.