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"Handicraft works is the accumulation of wisdom and history of the Chinese nation. It's a valuable cultural heritage that needs to be passed down and carried on by Chinese all over the world," said Chen Yuancai, honorary president of the Global Arts and Crafts Association and executive vice-president of the National Women's Handicraft Association.

"Globally, as well as in China, a key bellwether, smartphone consumers are trading up to more premium devices, but there are no longer as many new smartphone converts, resulting in shipments dropping," said Melissa Chau, associate research director with IDC's Worldwide Mobile Device Trackers.

"Given the current complexity of geopolitics, countries are becoming more isolated and conservative due to the COVID-19 pandemic and economic downturns. Meanwhile, we see politics standing in the way of technological advances."

"First, their increasing manpower costs increase their cost of doing business in China. This may at first seem bad for China's competitiveness but, in the longer term, higher wages also mean that companies have a more productive, higher skilled labor pool to hire from," said Yu. "This would allow them to move up the value chain."

"From what we can see from the statistics, there is no doubt that the market will fall by around 10 percent from 2018," said Yao Jie, deputy secretary-general of the China Association of Automobile Manufacturers. He was speaking at a forum in Shanghai and did not give an estimate when the market will start to recover.