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"But now I have to buy vegetables that are very expensive. Also, I had absolutely no idea what a QR code is and was completely at a loss when a shopkeeper asked me to scan one," the grandmother recalled.

"China is paying close attention to the development," Foreign Ministry spokesman Lu Kang said in a daily news conference. "By forcing companies to install 'back doors' through legislation, a country is building its security and interests on the basis of violating other countries' security and citizens' privacy."

"By combining Ant Financial' s AI technologies with the capabilities of asset management companies in investor education and fund management, together we are making customized wealth management services more accessible for ordinary users," said Eric Jing, CEO of Ant Financial.

"But this 'two-speed' pattern will likely to continue, with both premiumization and flight to value," he said.

"Certain industries still have a high barrier for entry, and some government officials have transferred their functions to related institutions," Lin said. "Some agencies have been using their administrative resources to set up new barriers (for market entry) and charge a high fee."