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"Chinese consumers' demands have become more and more diversified and personalized," said Gu Fan, vice-president of Amazon China, adding the company will step up efforts in the cross-border online shopping sector through Amazon Global Store and Prime membership.

"China's young luxury consumers are more interested in aspiration than heritage, making it imperative for brands to modernize their stories and deliver them through digital channels," said Luan Lan, partner and leader of McKinsey's apparel, fashion, and luxury group in China.

"Compared with the previous two years, at least 3,000 to 4,000 new games had been blocked from the market in 2018," said Liu Wei, an analyst from market research company iResearch. "The demographic dividends are wearing off, which is another factor driving the slowing growth."

"China's fast-growing digital economy has sharpened the country's competitive edge in industry and created favorable conditions for foreign businesses to invest in more areas," he said, adding that 4G-and 5G-based digital infrastructure is a solid foundation that facilitates rapid growth of artificial intelligence, big data and diversified online services.

"Chinese students alone contribute billion, alongside countless other benefits, so even a modest reduction in Chinese enrollment would be devastating," she said.