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"By staying within the WTO framework, that's consistent with the way international trade is regulated, and it does give a high ground that they are basically following the rules," he said of the Chinese mainland and several others that have filed the WTO cases over the US solar panel tariffs. But he said the US so far has been following the rules, too.

"China has already achieved the status of technology leader in certain confined technology domains. It is absolutely possible, if not to be expected, that China will expand the number of technology domains in which it is a leader by 2035," he said.

"By setting certain standards, the government is trying to guarantee homebuyers a good quality of living just as in many other countries," said Chen.

"China has become a core priority for Ferrero in terms of growth. Thanks to a series of timely and effective measures, the Chinese market has been the first to recover amid the pandemic, demonstrating its remarkable resilience and great potential," said Mauro De Felip, general manager of Ferrero China.

"Certain regulation is necessary," he said. "But as ICO has been such an efficient way for tech companies to raise funds, I believe it is more likely to be a short-term ban until they can regulate it efficiently."