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"Culture is the soul," said Feng Shu, a local cultural scholar. "We put top priority on cultural preservation in the process of renovation."

"Chinese consumers also favor more high-end baijiu given upgrades in consumption, which has helped increased companies' profits," the report added.

"China still has some room to maneuver its policy and foster next year's economic development," Ying added. "We will suggest the government continue to remain prudent and maintain a neutral fiscal and monetary policy for next year's situation."

"Commercial property investment remained active in China, driven by (the) strong appetite of foreign investors," said Ben Duncan, CBRE's president for North Asia.

"China's countermeasures do not intend to purely pursue equivalence in the same amount as the US tariff rates. The latest four-level tariff rates have much more flexibility," said Gao Lingyun, a researcher of Institute of World Economics and Policies at the Chinese Academy of Social Sciences.