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"By putting the funds into special accounts designated by the central bank, the payment firms can no longer earn interest on the reserved funds. Meanwhile their bargaining power with banks will be greatly affected," he said.

"China demands that the US keep its promises, rectify its wrongs, refrain from implementing relevant clauses of the bill and stop seeking any official contacts, military ties or arms sales with Taiwan, so as to avoid doing serious harm to the China-US relationship, the ties between the two countries' militaries and the peace and stability across the Taiwan Strait," Wu said.

"China is always open for negotiations," Gao said, emphasizing the principles of equality, constructiveness and balance needed in joint efforts.

"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."

"China is a large economy with very strong internal consumption power, and we need to focus our expansion in must-win cities with the right store formats and the right assortment."