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"Following this cooperation, WeChat Pay is enhancing its effort in helping European businesses connect with Chinese tourists to realize WeChat's 'One For Billion' initiative (which) is its latest initiative of cross-border business," the statement said.

"Having enacted dozens of national security laws itself, the US tries to interfere in China's national security legislation. Such a double standard has fully exposed the vicious intention of the US," the statement said.

"For deposits, Yu'ebao has appeared; for loans, there are numerous companies such as Ant Financial Service Group and JD.com; for payment, there are Alipay and WeChat Pay; for financing, crowd-funding has already drawn lots of attention; and furthermore, Fintech will overturn the insurance sector in a more 'ferocious' way," Zhu, also chair of the National Institute of Financial Research, Tsinghua University, told participants.

"For a multinational, it is of great importance to learn the latest changes in local markets and the demands from local consumers, and then send the information to headquarters and mobilize resources, in order to support the needs of local markets," Fu said.

"Fighting counterfeits is capital intensive and a highly complicated process. Pinduoduo has learnt a lot from the likes of Alibaba and imposed stricter fines on unlawful merchants," Huang told a media briefing on Thursday.