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"Cheap and abundant labor is the most often-mentioned comparative advantage of developing countries. However, this has not been the only reason for the robust development of China over the past four decades," said Fan, also chairman of the China Development Institute.

"Buying is no longer the sole purpose when visiting a shopping center. Consumption can be spontaneous."

"China is no longer the developing economy that relies on low costs but today it competes on the mid- to high-end markets and if it is to be successful it has to step up the reliance and quality of its products and production," said Niklas Swanstrom, director of the Institute for Security and Development Policy.

"By making sacrifices and temporary changes, we can protect the health of our people and our economy," Trump said. "I think our economy will come back rapidly. If we do this right, our country and the world frankly, but our country can be rolling again pretty quickly."

"China is the No. 1 source (of tourists) for most of the travel destinations in the Asia-Pacific area. The number of both inbound tourists and those traveling abroad has surged recently, which led to our joint venture with Alibaba," said Craig S. Smith, president of Marriott International's Asia-Pacific region.