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"Currently we are going through one of the biggest slowdowns that we have seen in recent times," Pawan Goenka, managing director at automaker Mahindra said earlier on Wednesday after the company reported a quarterly profit.

"Currently, we have worked with partners to launch multiple 5G smartphones and bring the 5G experience within reach. Moving forward, we will continue to join forces to bring diverse 5G-powered, innovative applications to more consumers and industries," Meng added.

"China was going very fast, and the emphasis was on the rate of growth. In the new era, China will grow more slowly, but the emphasis would be on the quality of growth," Thornton said, adding that this is a good sign of economic maturity.

"China's rental housing market is booming thanks to a variety of driving forces. The leasing model is undergoing significant change from the C2C format to the current B2C rental housing format," it said.

"Climate change is really slamming the land," said World Resources Institute researcher Kelly Levin, who wasn't part of the study.