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"China's GDP data are scientific, reliable and comparable with other economies, a fact that has been recognized by major international organizations, such as the United Nations and the World Bank," Ning said.

"Compared to seven years ago when the cost of starting an internet-related business was record low, such cost under the age of AI is high," said Lee Kai-fu, adding that AI research should go beyond borders.

"China's economy will brace for a painful blow, much worse that what it suffered during SARS," said Wang Tao, chief economist at UBS Investment Bank, in a teleconference on Tuesday.

"Chinese students usually do well in basic subjects, such as mathematics, physics and chemistry. But when it comes to subjects that require problem-solving ability and creativity, they lag far behind their counterparts in the US," says Wang Huijuan, mother of a 6-year-old boy in Shenzhen.

"Consumers are going back to trust bigger brands amid the uncertainties … so that in many ways the growth of insurgent brands has slowed down," Lannes said.