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"China is seeing a consumption upgrade as consumers are restructuring purchasing behavior and lifestyle," Zhao said.

"China has indeed contributed to the global wage growth," said Su Zhongxing, dean for Human Resources Management at Renmin University of China. "China has a large labor population, and also its wage grew rapidly in recent years. These factors obviously helped the world's wage to rise."

"Central banks can act quickly to help ease the tightening of financial conditions by injecting liquidity and cutting interest rates, thus preventing a possible credit crunch," said Tobias Adrian, an official at the International Monetary Fund. "In fact, markets have been anticipating aggressive easing by central banks, as reflected in the sharp fall in sovereign bond yields in many countries around the world.

"China is by far the largest market for mid-sized premium sedans. With Model 3 priced on par with gasoline powered mid-sized sedans, we believe China could become the biggest market for Model 3," Tesla said in its quarterly financial statement.

"China is a crucial market with amazing vitality. We will continue to work as partners with China to build sustainable agriculture and invest in rural areas," said MacLennan, adding that China's multiple measures to diversify the supply of quality products and services will effectively drive its economic growth.