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"For that reason alone the current approach to the US-China trade dispute is flawed, as are the tariffs that underpin it," wrote Roach, a faculty member at Yale University and former chairman of Morgan Stanley Asia. "There can be no bilateral fix for a multilateral problem. That has only led to trade diversion among trading partners —imposing higher costs on consumers and producers on both sides."

"Gucci has perhaps suffered more than others from the lack of tourist flows," Duplaix told reporters.

"For the governmental aspect, the introduction of employment policy, income policy and tax policy will enhance the public's consumption ability, and thus the growth rate of China's total retail sales of consumer goods will catch up," she added. "We should be confident about China's consumption sector in 2019."

"Generally speaking, this year PICC's focus is to foster strengths and avoid weakness," said Miao Jianmin, chairman of PICC group. "We will maximize the advantages of our brand images, teams and market share, while accelerating market-oriented reform and embracing cutting-edge technologies to overcome our shortcomings."

"Global economic growth is slowing, but the US is comparatively better positioned that most other regions," Goldman Sachs said. "The consumer accounts for 70 percent of the US economy, the unemployment rate stands at 3.6 percent — the lowest rate in 50 years — wages are rising, households have been (reducing debt) for a decade and consumer confidence remains strong."