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But Xu, bustling around his restaurant to serve customers, was more optimistic. "Starting a business means taking risks. For me, things are looking good, at least for now."

But higher growth prospects in the United States could also speed up the monetary tightening process by the Federal Reserve, putting pressure on China's own monetary policy, which could negatively impact the A-share market, he said.

But it is not the only factor. Other economic drivers also include China's comparatively stable growth prospects vis-à-vis the rest of the world, US dollar fluctuations, and capital flows that are influenced by interest rate decisions in advanced economies, he said.

But above all, several employers have cited a skills deficit as the reason behind joblessness in Africa. A study commissioned by the British Council, the Universities, Employability and Inclusive Development Project (2013-16), says that around 49 percent of new graduates are not adequately prepared for the labor market.

But Si Zhenming, design director of Chinese home appliances maker Joyoung, said local brands aren't synonymous with "trading down".On the contrary, they could well serve as a symbol of a "chic" lifestyle.