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"Chinese consumers, especially those born in the 1980s and 1990s, are increasingly pursuing travel experiences that are comfortable, tailored and individualized," said Neil Wang, president of consulting company Frost& Sullivan China. "The change in the demand side will stimulate the change of the supply side, and both sides will together drive the growth of the sector and the overall economy."

"Countries around the world are in very different phases of the epidemic. There are certainly places like Europe and the US where the number of cases continues to rapidly increase, while it appears to have stabilized in other parts, including several Asian countries," Sadr said.

"Consumers are becoming more selective about the products they purchase, and tend to buy products that have more practical uses," said Emily Cheng, general manager of Honeywell Connected Living Solutions China.

"Chinese companies looking to acquire beyond China's borders focus on winning at home and exporting abroad, which enables them to strengthen their domestic competitive stance while simultaneously positioning for global expansion, especially in other developing markets," Leung said.

"China's current risk level for local government debt is under control," Liu said. "But we have to take measures to defuse potential risks to maintain sustainable fiscal financing."