Attendees emphasized that more rigorous steps should be taken to prevent illegal fundraising, telecommunication network frauds and other illegal and criminal activities under the guise of such payment platforms, in order to promote benign competition and healthy development of the industry.

Since China supplies key raw materials — such as rare earths and their related products, new energy and lithium battery materials, and primary materials for the pharmaceutical and chemical industries — to Western nations, the US is attempting to reduce imports of these critical raw materials and related products from China under the guise of "de-risking".

The US has restricted outbound investment by its companies and is engaged in "decoupling and severing supply chains" in the investment field under the guise of "de-risking", which has seriously deviated from the principles of market economy and fair competition advocated by the US side, and affected normal business decisions of enterprises, the ministry said.

Yoo Il-ho, former deputy prime minister of South Korea, said while the COVID-19 pandemic destabilized the global industrial chain, some developed countries have been creating trade barriers under the guise of protecting high-end industries and technologies.

Yoo Il-ho, former deputy prime minister of South Korea, said the pandemic has disrupted the global industrial chain stability, and meanwhile, some developed countries have been creating trade barriers under the guise of protecting high-end industries and technologies.

Under the guise of the human rights issue, the US has made groundless accusations and hyped the myth of "forced labor" and other issues concerning Xinjiang in order to smear China's image, interfere in China's internal affairs, curb China's development, and undermine the prosperity and stability of Xinjiang, the statement said.

Though hidden under the guise of world-famous brands, many of them have become leaders in their specific industries in national and even global markets.

It is aimed at protecting their own industries under the guise of fair trade, which will seriously disrupt and distort the global automotive industry's supply chain, including the European Union, and harm the interests of European consumers, the ministry added.

Under the guise of national security, the country has adopted a "de-risking" strategy to suppress competitors.

At the early stage of development of internet finance in China, some online peer-to-peer lending platforms generated huge financial and social risks by conducting rule-breaking business activities under the guise of "innovation".

In a worse-case scenario, it may even encourage irregular financial activities under the guise of promoting financial inclusion," he said.

"The cryptocurrency exchanges must be regulated, for it has created fertile ground for scammers looking to take money from ignorant investors under the guise of ICOs," said Li Aijun, an expert of Internet finance law at the China University of Political Science and Law.

Though the boom has helped tech companies access much-needed funds for development, it has also created fertile ground for scammers looking to take money from ignorant investors under the guise of ICOs, which could threaten the country's financial stability if left unchecked.

It highlighted cases involving the illegal taking of deposits from the public or fraudulently raising funds under the guise of financial innovation.

A recent report released by China's foreign exchange regulator unveiled some cases in which companies had illegally transferred assets overseas under the guise of outbound investment.