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Another 31 percent showed a neutral attitude. The lack of top-tier services at the private residences is the main reason for the luxury travelers' indifference.

Apart from helping lower production costs for companies, measures have also been promised for financial support to SMEs to sustain employment, Song said.

Apart from the tax and fee cut policies the authorities have rolled out, Tang expected increased government expenditure and infrastructure investment, especially in sectors of public health and new technologies such as 5G.

Any institution, organization, or individual in the HKSAR shall abide by this law and other HKSAR laws on safeguarding national security, and shall not engage in any activity that jeopardizes national security, the draft reads.

Apart from short-term fiscal and monetary policy reactions, China needs to carry out structural reforms to boost productivity growth by further reducing distortions such as those in the allocation of land and capital. Promoting competition and opening-up to encourage greater diffusion of technologies, and stimulating discovery through investment in R&D, including basic research, is also necessary, he said.