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"Harvard's Asian quotas, and the overall racial balancing that follows, have been ignored by our federal agencies for too long," Blum said in a statement on Tuesday. "This investigation is a welcome development."

"For many Chinese, mobile payments have become an essential part of their everyday lives. They not only change the lives of young people, but also provide convenience for the elderly," said Zhang Jianjun, an economist based in Gansu.

"From education to health to entertainment, the innovation we see here is incredible and we can't wait to see what these talented developers will come up with next," Xie said.

"From home design to refurbishment projects ... the tie-up will provide both online and offline customers with a comprehensive home-improvement solution," Alibaba said in a statement.

"Fundamentals of China's long-term economic development and its competitive advantage in attracting foreign capital have not changed," said Zong, adding that most of the multinational firms are confident about prospects in the country and have not altered their investment strategy.