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Update: Chinese regulators urge platform enterprises to rectify problems

Abstract : Chinese regulators on Tuesday urged internet platform enterprises to comprehensively rectify problems within time limits and establish a new order in the platform economy.

BEIJING,
April 13 (Xinhua) — 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 and guard
against the formation of monopolies to ensure fair market competition,
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.

Representatives from 34 internet platform enterprises attended the meeting.

The
meeting also highlighted the innovative growth of the sector and its
open and shared ecosystems, while warning against the abuse of
algorithms and tax-related issues.

The
regulators said that internet platform enterprises should locate their
own problems within one month and subsequently correct them. Any
enterprise that is found to be involved in illegal behaviors after the
rectification deadlines will be punished accordingly.

The
overall situation of the internet platform economy is good, but risks
and hidden dangers are accumulating alongside rapid growth, thus it is
imperative to regulate the sector according to the law, the regulators
said.

Strengthening
the governance of platform enterprises does not mean the country has
changed its attitude toward supporting and encouraging the internet
platform economy, they noted.

The
government will respect the inherent laws of the internet platform
economy and give full play to its important role, the regulators said at
the meeting.

About Xinhua Silk Road

Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal.China’s silk road economic belt and the 21st century maritime silk road website,includes BRI Policy, BRI Trade, BRI Investment, Belt and Road weekly, Know Belt and Road, and the integrated information services for the Belt and Road Initiative (BRI).

Source: Update: Chinese regulators urge platform enterprises to rectify problems

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