I think the next decade in China is going to be less miraculous than the last two. Larry Summers former U.S. Treasury Secretary

Summers was Treasury Secretary under former U.S. President Bill Clinton and an economic advisor for former President Barack Obama. He's now a professor at Harvard University. Global economic growth has slowed since last year — coinciding with the start of the U.S.-China trade war. The International Monetary Fund said in a report last month that the global economy is projected to grow 3% this year, slower than last year's 3.6% and 3.8% in 2017.

Summers said even if both sides sign the partial deal as planned, "there will still be large tensions and uncertainties" between the two countries — which would weigh on the global economy. His comments echoed the sentiment of other analysts and company executives who said longstanding concerns about Chinese theft of U.S. intellectual property and forced technology transfers would take longer to resolve.

China's economic outlook