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And the future could be worse.

And they both have a dance that they like the least: the tango.

Andrew McAfee, principal research scientist at the Massachusetts Institute of Technology (MIT), best-selling author and co-founder of MIT's Initiative on the Digital Economy, said major developments in data, algorithms, networks, cloud, and digital hardware have unleashed a wave of innovation that is "rewriting the business playbook" in his keynote address.

An upgraded China-ASEAN Free Trade Area Protocol took effect in July 2016 and calls for zero tariffs on as many as 95 percent of taxed items, improved rules of origin and simplified customs procedures, said Yang Chen, a senior partner at the Chinese law firm of Jincheng Tongda & Neal.

Analysts said a main challenge for China next year is to maintain robust growth while pushing deleveraging and cutting corporate debt to prevent financial risks.