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"Even if the Hong Kong government taps its huge fiscal reserves for up to two years, it will not derail the city's economic growth prospects," said Jack Siu, senior Asia-Pacific investment strategist at Credit Suisse. "We are not worried about Hong Kong recording a budget deficit."

"Economic growth this year matters, but what matters more is how this will affect growth during the next five or 10 years," he said. "We must resist the temptation of seeing recovery as a zero-sum game among countries, with a few winning the race while others fall behind."

"Do I look like I'm short of the 500 yuan? I'm short of the remaining 9,900 yuan," joked Chen Xinyi, a 27-year-old office worker. She said the price cut was too small and would not have any obvious effect on her decision on whether to buy a luxury handbag or not.

"European capital and technology have also contributed a lot to China, and cooperation with China has contributed a lot to European growth. There are synergies between the Belt and Road Initiative and the EU connectivity strategy," Zhang added. "After a journey of over 40 years, China-EU relations have become more mature."

"Everyone is fixated right now on the changes that Hong Kong has made to its listing standards to accommodate dual-class shares so as to be able to attract the big China tech unicorns," Bernstein said. "While I do think this makes Hong Kong more viable at the margin, there are a whole host of factors that go into choosing the best listing venue, and dual-class now creates a level playing field between the US and HKEX."