A projection by market research company eMarketer, China is likely to produce $5.072 trillion in retail sales in 2020 compared to $4.894 trillion to be produced by the US as the American market is likely to shrink by a large amount. China’s e-commerce battle between JD.com, Alibaba and Pinduoduo, and the nationwide implementation of digital innovations, is helping the country’s retail market bounce back much quicker than the rest of the world’s including the US, amid COVID-19 recovery.

Also, China’s potential growth rates for consumption and retail sales are higher than those of the US and other major markets as international factors — such as the protests in Hong Kong, territorial disputes with India and South East Asia countries, and the trade war with the US — could impede China’s recovery.