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"Chinese goods are good and cheap, and many residents from Russia's Far East region often come to Hunchun for shopping," said Svetlana, a Russian tourist. Buying New Year's gifts was a big part of her trip, she said, as she showed off shoes for her husband, perfume for herself and toys for her children.

"China's shale gas production is still expanding despite the energy price crash," said Li Ziyue, an analyst with BloombergNEF.

"Chinese shoppers have become more rational, and they are not blindly following the crowd to imitate others. They want products with both commercial culture and consumer mentality," said Pan, adding localization of global brands must keep pace with the times to stay competitive in the fast-changing Chinese market.

"Currently, liquidity conditions in China are loose, and the country has lowered interest rates to help revive the economy. Under the present circumstances, the rally in the stock and housing markets will cause some investors to seek funds from banks by violating laws and regulations to invest in these markets, in the hope of making huge profits from speculation," Lian said.

"China should further open up its economy and promote growth of the services sector," Liu said.