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And he's already imposed tariffs on billion in Chinese imports in a separate dispute over Beijing's high-tech industrial policies. He has threatened to ratchet that up past 0 billion.

And, at least as Adam Selipsky sees it, things aren’t slowing down.

And radio remains a significant force in China. "A lot of people in China still listen to the radio, particularly when they are on the road," said Lai. "It remains not just an important tastemaker, but also a possible new revenue stream to tap there."

And that means opportunities for fraud. Globally in 2016, about 57 percent of the reported fraud cases took place during a transaction in which the consumer's card was not physically present, up from 35 percent of fraud cases in 2006.

Analysts said the August data show that the Chinese economy has remained on track despite the activity dampening and a tightening of financial regulation.