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"But the policymakers would need to skillfully manage liquidity so that the case does not fuel a series of defaults, which would make the market nervous. We expect the Chinese government will be able to manage the rising credit risks in China," Pang added.

"But the mechanism may not have gone so well," said Dai Guanchun, a partner at Jingtian & Gongcheng, a Beijing-headquartered law firm.

"Can you believe that the first finger dance I uploaded onto Douyin has been watched more than 1.7 million times?" said Luo. "Unlike other platforms, it is interesting and easy to shoot a film and share it with both friends and strangers on Douyin."

"China is a top priority for Levi's and we see a huge potential and a huge long-term opportunity. In China, our performance was positive but it remains far from its potential. With China expected to be the top luxury market with over 40 percent of the global consumption by 2025, we are very excited by the opportunity," Yang said.

"By threatening to impose a 10 percent tariff on an additional 0 billion of imports from China, the US President Trump has upped the ante on the trade conflict between the two," Oxford Economics said in a research briefing.