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"China's current brandy market is mainly dominated by foreign products," said Wang Qi, executive vice-chairman of CADA. Last year, China bought 24.4 million bottles of cognac, becoming the third-largest consumer of cognac in the world.

"China's economic might gives its government the leverage it needs to strike back decisively, including scaling back purchases of American products and subjecting well-known US companies with large Chinese operations to tax or antitrust probes," Bloomberg said.

"China was the first country to fully recover," said Molnar. "That has a very big importance for the world because it means the second biggest economy in the world has recovered. This means a huge source of demand for all the other countries."

"China should further open up its economy and promote growth of the services sector," Liu said.

"Covid-19 will need to break through the job market firewall if it is to do significant damage to the economy," Mark Zandi, chief economist at Moody's Analytics, said in a statement. "The firewall has some cracks, but judging by the February employment gain it should be strong enough to weather most scenarios."