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And by holding the event, Beijing has once again demonstrated its firm belief in free trade and an open global economy, as well as its rock-solid determination to further open up its market to the wider world.

Anand Rao, an AI consultant at PwC, said initially North America would have faster productivity gains from AI than China because of its mature infrastructure. "But China will begin to pull ahead of the US in AI in 10 years after it catches up on both relevant technologies and expertise," Rao said.

And since Qingdao played host to the 18th Shanghai Cooperation Organization summit on June 9 and 10, this year's festival will feature a wide range of beers and artists from SCO countries.

Analyst suggests tariff talk could be negotiating tactic prior to G20

An upward trend