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As bushfires still smoldered in pockets along the eastern seaboard, Monday saw savage storms weave a path of destruction through parts of the states of Victoria and New South Wales, or NSW. Canberra, the national capital, was hammered by a freak hailstorm with hailstones as big as golf balls smashing cars, roofs and windows.

As digital forces shake the status quo and restructure value chains, an even more globally competitive Chinese economy, and dynamic firms can emerge, the report said.

As a result of this surplus under the current account, China has also become the dominant holder of US Treasury bonds. In recent years, direct investment by Chinese companies into the US has also grown rapidly, accumulating more than 0 billion in total and creating jobs for more than 200,000 Americans.

As a high-tech enterprise with innovative products and services, Tsinghua Holdings has various businesses spreading in more than 170 countries. It has established more than 200 science parks and incubators worldwide in addition to having successfully incubated over 10 high-tech unicorn companies.

As a result, the US exporters "are put at a major disadvantage" because their competitors in Europe, Japan and South Korea can continue to ship to China with no restrictions, he said.