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"By encouraging the establishment of creditor committees, our banking association guided private companies to correctly understand what a reasonable debt load is. Members of the creditors committees took concerted action to help private firms comb through their debt structure, dispose of idle assets, return to core business and deleverage," she said.

"China is determined to make 5G a top priority on its national agenda, striving to take a leadership role in the global landscape. It is also pressing for participation in the formulation of the international 5G standard to make China one of the main players."

"But now, for many buyers, affordability is the only factor for decision-making. Some of those upgrading are dropping their plan simply because they can't afford to make higher down payment. Also, some buyers who wished to sell their first home and then buy a second one are hesitant because they are not sure if the family income will be stable and steady enough to cover the monthly installments related to a more spacious home," said Ma.

"But now they have to implement what they talk about," he said.

"China opens tremendous opportunities for us. It has become one of our fastest growing markets globally," Mueller said.