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China's law against unfair competition stipulates that anyone using advertising or other means to make false or misleading claims about goods will face fines of up to 200,000 yuan (,570), and income derived from such publicity will be confiscated.

China's diplomacy focuses on building a community with a shared future for mankind, he said, and countries should live in peace with each other, treat each other equally and consult with each other instead of bowing to decisions made by "just one or two countries".

China's e-commerce accounts for 40 percent of the world's total, larger than that of the United States, Japan, Britain, France and Germany put together.

China's internet industry has helped curb the spread of COVID-19 and also improved people's lives through the development of the digital economy and digital facilities, an official from the China Internet Network Information Center said on Tuesday.

China's decision to merge banking and insurance regulators underscores policymakers' intention to address a financial regulatory vacuum and enhance supervision through a more unified approach, financial experts said on Wednesday.