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But Tao said the company's efforts on digital transformation over the past few years have helped it weather the storm.

But it's worth looking at the negative consequences of the rapid financial reforms the US and the UK made in the 1980s and 1990s. These wholesale reforms were not designed to solve specific problems. Instead, they were based on the idea that deregulation is always better.

But Chinese are predicted to account for half of the world's luxury goods sales by 2025, according to Bain. They will spend 2 billion on luxury items, or 46 percent of global sales, in the next six years alone, Bain said.

But never before has the US' record in those areas led to an "urgent debate" on its record in those areas－and some rivals pounced.

But Xie Huijia, an associate professor specializing in IPR protection at South China University of Technology, said it is not enough only to accelerate the handling of fake product claims: "More important is how accurate the fight is."