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"But the think tank could be some time away," he added.

"But, to be clear, we do not see a recession in the near term. In fact, we expect some pickup in growth in the second half of 2019 and into 2020," she said, adding that the growth is set to benefit from the now more-patient pace of monetary normalization by major central banks led by the US Federal Reserve and "from increased stimulus, in China for example".

"China is transforming its economy into one driven by consumption, services and innovation and many industries in the two countries, particularly the services sector, can complement each other's advantages," he said.

"China imports a large amount of consumer products, so if the yuan depreciates, the country will have a problem of imported inflation, which means inflation due to higher prices for imports. Moreover, as many top Chinese companies have issued debts overseas, any yuan depreciation will trigger an increase in their debt levels," he said.

"China has taken a step ahead in industrial transformation, but the room for cooperation is huge," Chen said.