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"But there is no need to be overanxious about the risks as China has a deposit insurance scheme. By taking measures, such as appointing another bank to temporarily manage the bank which undergoes the mergers and acquisitions process, regulatory authorities will help small and medium-sized banks make a smooth transition of liquidity," he said.

"Chengdu is a unique city known for pandas and its cuisine and chili peppers," Ren Faqiang, Chinese deputy consul general in San Francisco, told the press conference. "Sichuan cuisine is catching on quickly in China and the US as well. I hope the food can bring the two star cities closer."

"But modern families are becoming smaller, with each one now comprising about 3.1 people on average, who prefer casual and small meals. Ready-to-eat food in convenience stores satisfies these needs, especially for a large number of young single people."

"China is a priority market of Costa Coffee, and this is one of many exciting ideas to improve and localize the experience we deliver for our Chinese consumers," said Shakir Moin, chief operating officer of Costa International.

"But, to be clear, we do not see a recession in the near term. In fact, we expect some pickup in growth in the second half of 2019 and into 2020," she said, adding that the growth is set to benefit from the now more-patient pace of monetary normalization by major central banks led by the US Federal Reserve and "from increased stimulus, in China for example".