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"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.

"Finally, the government's mask has fallen," said Jannice Rivera, a 43-year-old mechanical engineer who lives in Houston but was born and raised in Puerto Rico and flew in solely to join the protest.

"Had the Fed not announced a cut, the decision would have amounted to disappointing news, which would have fueled further panic," analyst George Selgin told The Washington Post. "What matters most isn't what the Fed has done today, but what actions it signals for the future."

"Furthermore, we will conduct, in the immediate and near future, in our dealer network, independent audits to ensure compliance with our standards and to improve customer service processes," the statement said, adding that it would see that violations of company standards are punished.

"Genuine huimo can only be produced by hand, and the whole manufacturing process is painstaking," he said. "Collecting turpentine soot, for example, requires the craftsman to stay in a closed and oxygen-deficient environment to collect the soot in incomplete combustion, which is a great challenge to the fitness and willpower of the worker."