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"COVID-19 has seriously impacted how we conduct international diplomacy. That includes hosting APEC. As has occurred with many other international government-to-government events, APEC 2021 will proceed using virtual digital platforms," Peters said.

"China has taken various measures to restore hog production to ensure that pork supply and market prices are basically stable. Tariff reduction is another vital policy tool," said Yang Weiyong, an economics professor at the University of International Business and Economics in Beijing.

"By officially introducing the world's payments giants such as PayPal to China, the People's Bank of China is hoping that domestic payment service providers will raise compliance awareness and enhance capabilities to ensure their operations fully comply with regulations through greater competition with their international counterparts. It may be more effective than simply relying on regulators and law enforcement agencies to fight against payments market irregularities," Zhao explained.

"China and the United States can have competition but should not view each other with a Cold War mentality. Nor should they slip into the trap of a zero-sum game," Wang was quoted as saying in a Foreign Ministry press release.

"China needs tempered hardwoods for certain looks and characteristics," he said. "China can get some of that from Europe but not much. We are a reliable supplier for them – far better than Europe, and we do it at a good price with good quality."