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"China has relied on digital technologies and decentralised economic policy to drive up consumption, rather than centralised stimulus payments through direct deposits or debt-financed guarantees as seen in Australia," they wrote.

"China is not only the biggest exporter of manufactured goods, but also a major exporter of intermediates used by factories across the world. It is also a key supplier of materials or components for sectors including autos, shipbuilding, electronics, machinery and textiles," Bai said.

"But with the US market dropping, Canada needs to strategically tap into Asia and China, where the growth will be," Barton said.

"But there are some issues that divide us," including the set of tariffs China imposes on US exports, some standards China imposes particularly on food items, and intellectual property rights, the technology transfers and cyber security, which Ross said are "essentially the basis" for the US' planned hefty tariffs on billion worth of Chinese goods.

"China has an aging population and declining birthrate, making it more important for people to build wealth and plan for their retirement. That means they will have to make a shift from savings to making more financial investments," he said.