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Wang said the company intends to use the proceeds to increase investment in AI development, improving cooperation with companies that could provide exclusive and original data sets as well as research and marketing. Wang also said he hopes the IPO will make it easier to collaborate with US tech companies.

Wang Yihua, director of Alibaba's security department, said the data collected from the background of the app could also help the police to find sources of fraud.

Wang Sixin, a professor of internet law at Communication University of China, said the regulation shows the country's efforts and determination to clean up cyberspace.

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Wang Leyi, 78, secretary of the Party committee of Sanyuanzhu village in Shouguang, Shandong province, checks green peppers grown locally. [Photo/Xinhua]

Wang made the remarks on Monday at a seminar in Beijing organized by King and Capital Law Firm and the China University of Political Science and Law.

Wang made the remarks in response to reports that some Chinese high-tech companies, including Huawei Technologies Co and Hangzhou Hikvision Digital Technology Co, are facing restrictive measures from the United States on technology supply.

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Wang said although the treaty is signed between the US and Russia, a unilateral withdrawal will play a leading role in encouraging other countries to develop or deploy weapons without restrictions, which is undoubtedly not conducive to maintaining world peace and stability.

Wang said today, China has become an anchor of stability for world peace.

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Wang made the remarks at a sub-forum during the ongoing second Digital China Summit in Fuzhou, Fujian province. The event opened on Monday and continues through Wednesday.

Wang compared the Belt and Road Initiative to "a circle of friends" open to all countries that share the same goals, rather than an exclusive club, saying that China has no intention of drawing geographical boundaries to areas covered by the initiative.