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"Chinese shoppers have become more rational, and they are not blindly following the crowd to imitate others. They want products with both commercial culture and consumer mentality," said Pan, adding localization of global brands must keep pace with the times to stay competitive in the fast-changing Chinese market.

"Chinese brands need to improve their core competitiveness as we have few internationally competitive companies. We should attach importance to the problems and actively solve them," he said.

"China's concerted regulatory tightening on multiple fronts could force a decline in shadow banking activity and weigh on the country's overall credit expansion in 2018," said Liao Qiang, an analyst with the rating agency.

"Chinese tourists are extremely important for Ontario," said Tibollo. "Despite the tensions between the federal government and China, our province is still trying to build bridges and establish strong ties with our trading partner."

"China's economy has been transitioning from a phase of rapid growth to a stage of high-quality development," said the report delivered to the 19th Communist Party of China National Congress in October. "This is a pivotal stage for transforming our growth model, improving our economic structure, and fostering new drivers of growth."