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Analysts said after Tuesday's panic selling, investors still believe the US and China will work out their differences.

And the most immediate challenge is the impact of COVID-19 on the economy, which may lead to labor dislocation and slower growth in household incomes.

Andrew Liveris, CEO of the US-based Dow Chemical Co, agreed with Li's position on globalization, saying it is "like gravity" and unstoppable.

And the latest campaign against Chinese goods might not necessarily stem from the simmering border row between the two countries, because similar attempts to "play the economy card" and arouse nationalistic sentiment have appeared when regional elections approach. It is not likely to go far in pushing for a "complete ban" on Chinese imports, and the Narendra Modi administration is yet to make concrete moves to endorse the boycott.

Angel Chen. [Photo provided to China Daily]