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Anxiety tends to prevail as uncertainties in the macro environment linger, and talk shows as such manage to appease and address such anxieties, Sun noted. But neither do these entities create knowledge nor can they help people internalize what they learned on a fragmented basis.

Another Dow stock, Caterpillar, whose sales of heavy construction equipment in China have been bolstered by the Belt and Road Initiative, dipped 0.9 percent.

Another important point worth reinforcing is that an escalating Sino-US trade conflict will also affect Asia as a whole, said a research note from Nomura Securities.

Another reason why Chinese tourists are less interested in shopping overseas, according to Li, is that the quality of made-in-China products is improving. Also, the influence of Chinese brands is growing. "The time when Chinese people rushed to buy milk powder, frying pans and toilet covers at stores outside the mainland has long passed into history."

Another key factor to boost the sales of Chinese autos was the lifting of restrictions on imports imposed in 2015.