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"Given the lingering uncertainty over trade tensions, geopolitical issues and the lack of agreement on how to deal with climate change, the drop in confidence in economic growth is not surprising," said Bob Moritz, chairman of the PwC Network.

"For people over 70, getting a driver's license requires a health check and rounds of exams, which is hard. Those who are able to pass them can ensure their qualified skills and safety. Plus, nowadays, people aged above 60 or even 70 are healthier," he said.

"Harmony but not sameness, diversity but not confrontation, these values are deep-rooted in the Chinese culture," said Cui, citing words by Confucius.

"Having said that, at the business level, our own relationships with our counterparts and clients in China continues to be very strong. It is not impacted at that level, but obviously there's an overriding political relationship that makes things difficult," he said.

"Going towards a high quality strategy indicates there is a strong company behind," Therhaag said.