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Anderson Economic Group estimates union workers have lost a combined 0 million in wages, which could lead many families to cut back spending.

Analysts from Shenwan Hongyuan Securities wrote in a note that the economic growth slowdown is not worse than expected based on the recently released figures. Given the sluggish performance in the previous weeks, the market had already reached its bottom and was ready for a rebound. Meanwhile, the easing downward pressure from overseas markets and the improved liquidity in the domestic stock market will help the benchmark indexes to continue to climb.

Angolan President Joao Lourenco (R) meets with Chinese Foreign Minister Wang Yi in Luanda, Jan 13, 2018. [Photo/Xinhua]

Analysts expect that market sentiment may recover in the second half as earlier pledges to boost confidence by the government may take some time to take effect.

Andrew Miles, president of Sam's Club China, said the club aims to serve middle-and-high-end income families in China, offering seamless online-and-offline services to meet member families' various consumption needs.