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"Cutting taxes when the (US) economy is seeing full employment is likely to suck in more imports to satisfy some of the extra demand. The (US) trade deficit is already running at a 10-year high (and half of that is with the Chinese mainland) and is set to increase. The risk of trade friction seems likely to intensify in the coming year," cautioned Richard Jerram, chief economist at Bank of Singapore — the private banking arm of OCBC Bank.

"Essentially, I do not see problems in China that are any more difficult than the problems we have had with China in the past," he said.

"Doral happens to be ... only five minutes from the airport, the airport's right next door," he told reporters. "And by the way, my people looked at 12 sites, all good, but some were two hours from the airport, some four hours.

"Despite uncertainty for the shorter term, the outbreak of virus doesn't change our long-term strategy of opening more stores in parallel with building online access," the CEO said.

"Eliminating some of the differences in taxes and regulations and streamlining that will help improve competitiveness in the global context."