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As banks face lower costs of funds after the cut, they may lower the quotation rates for the formation of the loan prime rate - the newly introduced lending reference rate, lowering corporate borrowing costs and boosting earnings as a result, Zhang said in a report.

As for addressing the remaining issues, the main task is for related parties to complete consultations on mutual market access, according to Yang Zhengwei, deputy director-general of the Department of International Trade and Economic Affairs under the commerce ministry.

As a foreign designer, he is not only adding Chinese elements and local scenes into his designs but also working together with young Chinese designers.

As for job losses, companies are beginning to make more permanent cuts due to the uncertain outlook, including aerospace giant Boeing, which plans to slash 10 percent of its workforce.

As a result, many parents worry that without professional care, their children won't be able to adapt at all, and are concerned that caregivers will lose patience and mistreat their charges.