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"Government reform and innovation is vital to achieve economic and social development. It will also boost public confidence in government capacity," he said.

"Guangdong is well-positioned to become an exemplar of how China can benefit from an open, fair and well-regulated economy, and European business is ready to contribute to this goal and, by doing so, help demonstrate to the rest of China the value of completing the reform and opening-up process," he added.

"From what we have seen, it would be a feat if it would be a 5 percent drop," said Shi.

"Global cooperation to synchronize monetary policy must be high on the agenda," he said, adding that money authorities can deploy variants of special lending schemes that aim at to lower the costs of borrowing. "If economic and financial conditions were to deteriorate further, policymakers could revert to the broader toolkit that was developed during the 2008 global financial crisis."

"From the US point of view, we need to have an idea of what we want at the end of this reset? We want to keep as many positives as we can and affect the negatives as best as we can," said Merges.