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"China, more than other emerging markets, has the ability to manage its own future, at least within the confines of its domestic financial system and the domestic economy," said Alastair Wilson, Moody's head of global sovereign rating.

"Consumers can either choose installments of three, six, nine and 12 with zero down payment, and the monthly service charge is as low as between 0.6 percent and 0.9 percent," said Zhou.

"Complacency is our greatest threat and any business that thinks they are above the law will face serious penalties," Dominello warned.

"China's textile industry saw robust development in the decade before and after its entry to the World Trade Organization in 2001, largely thanks to foreign trade," she said. "But low-quality Chinese textiles had begun to lose their price advantage in global markets by the time I graduated. It was then I realized that high-end textile manufacturing would be a new trend."

"Consumers now have higher expectations for online-to-offline business," said Bruno Lannes, a partner at Bain & Co, the global management consulting firm, in China. "Retailers must come up with new models."