Chinese regulators ask Internet companies to rectify problems
By IANS |
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Beijing, April 13 : Chinese regulators on Tuesday urged Internet platform enterprises to comprehensively rectify problems within time limits and establish a new order in the platform economy.
Internet platform enterprises are urged to strictly prevent the disorderly expansion of capital to ensure economic and social security, the regulators said at a meeting held by the State Administration for Market Regulation, the Office of the Central Cyberspace Affairs Commission, and the State Taxation Administration, Xinhua reported.
They were also urged to guard against the formation of monopolies to ensure fair market competition.
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SOURCE / ECONOMY Rectification order to exert pressure, invigorate market: experts
By GT staff reporters Published: Apr 13, 2021 09:53 PM
Alibaba s headquarters in Hangzhou, East China s Zhejiang Province Photo: IC
China s market regulators on Tuesday issued a one-month ultimatum to all online platforms to troubleshoot their breaches of market competition orders or face severe penalties, in what has been called an unprecedented regulatory move in the country s booming but increasingly problematic online sector.
Although the mandated overhaul could put some pressure on the expansion of e-commerce in the short term, the latest rectification order will invigorate China s market economy, with internet platforms expected to end their runaway expansion over the coming month, industry observers noted.
In August 2020 the Ministry of Commerce issued the Master Plan for Comprehensively Deepening the Pilot Programme on the Innovative Development of Trade in Services. The plan covers 28 provinces and municipalities directly under the central government, including Beijing, Tianjin and Shanghai. The pilot programme, which concerns cross-border data transfer security management, will run for three years.