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Dennis Pamlin, senior adviser at the Research Institutes of Sweden, said China's progress since the beginning of reform and opening-up 40 years ago is inspiring.

Despite recently entering a tough job market amid the COVID-19 pandemic, Zhao Heng already has everything an ambitious university graduate could want: an ideal career that he loves.

Dembek stressed that China has always been an important part of the company's global strategy. The country's 40 years of reform and opening-up is a process of continuous improvement for the business environment, regulation of business rules and strengthening of business governance.

Depreciation and appreciation are both likely for the renminbi in the coming days, and the monetary authority has confidence and capacity to maintain the currency value at a reasonably stable level, Liu Guoqiang, a vice-governor of the PBOC, said in a statement on the bank's website.

Department stores — and the immediate future of malls — therefore will depend on the sales of fewer items with higher profit margins. That is likely to mean a reduction of needed floor space, further pressuring mall owners' profits.