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"Given the level of uncertainty, our economic measures provide more than financial relief," he said.

"For the Chinese mainland, spending has been lower," the Global Powers of Luxury Goods 2017 report stated. "But demand remains steady among the middle class as they continue to buy better quality products and showcase their social status."

"From January to May, major economic indexes of Hubei surpassed that of the national level. Total social investment in fixed assets surged by 10.7 percent year-on-year, while the growth rates of the retail sales of consumer goods and trade volume reached 4 percent and 16.8 percent respectively," Wang added.

"Frugality is a traditional virtue of the Chinese nation, and we should still promote it even in an age of abundance," Zhu Yi, an associate professor at the China Agricultural University, was quoted by the newspaper as saying.

"Foreign institutions showed greater interest in entering China's financial market, rather than withdrawing from here," said Liu Guoqiang, vice-governor of the PBOC. "Opening-up is not for pleasing others or making someone unhappy. It is the country's own choice," he said.