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"China will not change its fundamental relationship with ASEAN countries," she said. "But as the negotiation for the code of conduct continues, it will inevitably touch some sensitive and complex issues, and new conflicts might occur if these issues are not handled properly."

"China will unswervingly promote opening-up on all fronts," Li said.

"Chinese are hardworking and keen on timekeeping. Meetings in China begin on time－or some minutes before time－but not late. People are also willing to work weekends and overtime. Every employee is focused on achieving a certain goal," he says.

"Companies should be taking advantage of today's market conditions to reassess their portfolio vulnerabilities and divest assets that are not part of their future growth strategy," said Alex Zhu, EY's China North Transaction Advisory Services Leader.

"China's young luxury consumers are more interested in aspiration than heritage, making it imperative for brands to modernize their stories and deliver them through digital channels," said Luan Lan, partner and leader of McKinsey's apparel, fashion, and luxury group in China.