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"Certain regulation is necessary," he said. "But as ICO has been such an efficient way for tech companies to raise funds, I believe it is more likely to be a short-term ban until they can regulate it efficiently."

"China has made rapid progress in improving its business climate for domestic small and medium enterprises in the past year. This progress, which now puts China among the top 50 economies in the world, signals the value the government places on nurturing entrepreneurship and private enterprise," said Bert Hofman, World Bank country director for China.

"China is now showing its charm in the new era, providing more chances and opportunities to the world, and will be an attractive dreamland to the younger generations worldwide," he said.

"But the draft does not mean to prohibit the disclosure of online threat information," he added. "The aim is to post such information in a more regulated way."

"CIFTIS will serve as an important platform to enhance understanding on the role of services and services trade as the backbone of the economy, strengthen policy dialogue and coordination, provide trade and investment facilitation for business communities," she wrote.