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Anastasia Korobova, a senior researcher on China at the Russian Academy of Sciences, said the measures taken by Chinese government were "rapid and with determination" considering the high density of population in big Chinese cities.

And the increasing expenditure goes to more sophisticated and experiential activities, according to a report by consultancy Oliver Wyman, which showcased that overall trip spending surged against a precarious drop dedicated to shopping when the Chinese travel overseas last year.

And with a rising divorce rate, she said China has become more used to the idea of women not being defined by their marriage.

And, one reason housing prices are high is that apartments were seen as one of the most secure investments. Many investors also speculated on high-return wealth management products, without fully understanding the risks involved.

Andrea Kremer: This time last year, I can honestly say I was more nervous than I’ve ever been in my career. Even though we’re hired for our credentials, we’d never done these particular roles before. You can rehearse, but until you actually do it, you really don’t know if you can. I’ve talked to so many rookie head coaches and then I talked to them in their second year and they said, ‘oh my, I don’t even know what I didn’t know last year.’ And I think that’s to an extent how we felt.