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"E-commerce boom is fueling the jewelry industry turnaround," said Neil Wang, president of consulting firm Frost & Sullivan China. "More traditional jewelry groups such as Chow Tai Fook, Chow Tai Seng and Swarovski have stepped into the online retail business, where they saw a better performance.

"Education is the long-term mechanism for lifting people out of poverty, as we could see more and more people have become better off after receiving higher education," Zeng said.

"Excessively protecting their legal rights as tourists or by using irrational means will hurt the Chinese tourists' interests and tarnish the national image," Zhu said.

"Enterprises adopted a wait-and-see approach to weather heightened uncertainty, dampening the expansion in business activities," Liu said, citing that small businesses scaled down activities the most as they are more flexible in decision-making and more vulnerable to negative shocks.

"Education is one important aspect. In addition, companies must export technologies, projects and business in order to create jobs," she says.