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"Forty years after China's reform and opening-up, China's supply chain, manufacturing chain, as well as its talent pool, have probably grown to the top position in the world," said Wu Peng, general manager of marketing and sales at Dreame Technology, a Tianjin-based company that specializes in smart household appliances. "Along with the development of these basic infrastructures, Chinese brands have become very competitive in the world."

"Given the current relatively sufficient supplies of money and credit, a prudent and stable monetary policy stance should be taken in the future, to prevent fast expansion of leveraging. We need to pay the price and suffer pain when we dispose of risks," he said.

"Fires such as these will provide a critical test of the standards that are now imposed. The big problem is that we have inherited a legacy of past development where standards were much looser or nonexistent, leaving a great deal of property exposed to fires.

"Financial risks have shown significant regional differences. In the future, we may see mergers and acquisitions of small and medium-sized banks led by local governments as a measure to resolve regional financial risks," said Vincent Yao, PwC China financial services partner.

"For companies, fulfilling social responsibilities is not only for fair social development but also for a growth that is sustainable and is of high quality," Ma Teng, deputy head of QQ.com, the major news subsidiary of Tencent Holdings, said.