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"Covid-19 will need to break through the job market firewall if it is to do significant damage to the economy," Mark Zandi, chief economist at Moody's Analytics, said in a statement. "The firewall has some cracks, but judging by the February employment gain it should be strong enough to weather most scenarios."

"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.

"China's private businesses continued to take on sound development momentum in 2017," ACFIC Vice-Chairman Huang Rong said, adding that they have steadily optimized their industrial structure with greater contributions to society.

"China's fiscal package is modest compared to global peers," said Zhu Haibin, JPMorgan chief China economist. "The important difference is the composition of the fiscal package. China's fiscal package includes a higher share of stimulus component-fiscal support for investment activity that creates new jobs."

"Currently, China is still at the very early development stage of a cat economy," Peng added. "More efforts are needed to tackle problems, such as expensive medical bills and low-end food processing."