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"During the peak period for holiday travel, tourists will need to arrange their plans reasonably and be on alert for cold air," Zhu said.

"Energizing the market is a key step in countering the downward economic pressure. We will continue with the tax cuts and reform of government functions for a better business environment in China," Li said.

"Enterprises should be prepared to survive without subsidies and accept the reality that the industry is undergoing restructuring. It is also important to eliminate outdated technology. Therefore, the main focus for companies should be to lower costs and improve technology.

"E-commerce indeed has made its strong impact towards physical retail, but brick-and-mortar stores are irreplaceable and continuing taking the lion's share of retail sector," said Victor Cha, who also serves as deputy chairman of HKR International.

"E-commerce played an important role in boosting regional economic growth," he said. "It also benefits small and medium-sized companies and provides job opportunities for women and young people."