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"But there is no need to panic. The contraction in earnings of most industrial sectors should substantially narrow in the second half of the year as domestic demand recovers," Yang said. He also underscored the importance of offering more tax relief and financial aid to hard-hit exporters as well as small businesses.

"But this 'two-speed' pattern will likely to continue, with both premiumization and flight to value," he said.

"China now plays a critical role in the global digital landscape. The majority of future digital innovations in the coming years will come from China and Silicon Valley," said Arndt Groth, former president of the Bundesverband Digitale Wirtschaft, Germany's leading digital marketing association.

"China has the potential to become a world leader in three areas supporting the development of artificial intelligence－data, computing capability and algorithms. Besides, as the market size for internet and information security is expected to see a 10-fold increase, many Chinese practitioners in these areas will take this opportunity to start their own business," he said.

"CHEP's revenue in China is estimated to increase 20 percent to 30 percent in 2019, compared with last year," said Qian Yu, Asia president of CHEP, which is a London-based global provider of supply chain solutions listed in Australia.