Sheng is among those who did not anticipate the difficulties advanced countries such as the US would experience in tackling the crisis.

Few people predicted the US would bungle its handling of the pandemic to such a degree, he said.

Sheng believes the key battleground will be in delivering green products to a consumer base with a heightened awareness of global risks such as climate change, based on the experiences learned during the pandemic.

After the pandemic, customers will want green products with a reduced carbon footprint that are less-polluting, he said.

Sheng also thinks domestic consumption will be important to China as its economy recovers.

"China has reached the Ford moment, where if you pay your people better, they will buy your own product. Domestic consumption will be the key driver of growth for China, but it has to be green."

Koh also believes domestic consumption holds the key for China's recovery.

The country's domestic consumer market is set to rise by $6 trillion from now until 2030, more than the forecast increase in both the US and the EU combined, according to McKinsey & Co, the management consultants.

"This domestic market will spur economic growth. China has only to make a strategic shift inward to mitigate the negative impact of the (coronavirus) crisis and maintain its economic growth trajectory," he said.