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An outspoken admirer of US President Donald Trump, Bolsonaro pledged a smaller government and to realign Brazil with more advanced economies, overhauling diplomatic priorities.

Andrew Frye, president of APAC at Baxter and senior vice-president of the company, said China is an "exciting" market.

Analysts said the new JAC Volkswagen is the most probable to see an equity change because JAC has the least bargaining power of the three local partners.

Anand Rao, an AI consultant at PwC, said initially North America would have faster productivity gains from AI than China because of its mature infrastructure. "But China will begin to pull ahead of the US in AI in 10 years after it catches up on both relevant technologies and expertise," Rao said.

Analysts believe that Trump's intentional use of "China Virus" is to distract US public from the wide criticism of his missteps in his early denial to the seriousness of the pandemic. Now with stock market gains in the past three years totally wiped out, he is eager to play blame game, especially in a presidential election year. Some, such as California Congressman Ted Lieu, have accused Trump of stoking xenophobic panic in a time of crisis.