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"Consumption during the national holiday was in line with Alibaba's market expectation since 2018," said Jin Ke, director of Alibaba's Taobao. "Online spending remains robust."

"Compared with traditional punishments which had limited influence and were hard to execute completely, the new approach is a more powerful deterrent," Liu said, adding that the move also contributes to building the broad social credit system.

"China will keep its commitments," said Chua, who was attending the forum as a member of the Philippine business delegation.

"China's economy is important," Yeboah says, explaining why he wants to find a job with a Chinese company. He believes that working for such a company will help him gain valuable experience from the world's fastest-growing economy. For students whose majors are in the fields of economics and finance, China offers the "best practical course", he says.

"Consumption contributed to about 64.6 percent of China's economy in the past year, and services have surpassed manufacturing in terms of contribution to growth, signaling that China is performing well in its supply-side structural reform. But investment still needs to be consolidated in maintaining steady economic growth, especially in areas of infrastructure and the real economy," Wen said.