Chinese Top Policymakers Listed Anti-Monopoly Supervision as One of the Key Task...

Chinese Top Policymakers Listed Anti-Monopoly Supervision as One of the Key Tasks for 2021- PingWest

Chinese Top Policymakers Listed Anti-Monopoly Supervision as One of the Key Tasks for 2021

15 hours ago

Beijing (PingWest)—China's top policymakers have set the economic priorities for next year in the key Central Economic Work Conference held from Wednesday to Friday in Beijing, Xinhua News Agency reported.

In a speech at the conference, Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, Chinese president and chairman of the Central Military Commission, reviewed the country's economic work in 2020, analyzed the current situation and arranged the economic work for next year.

The meeting listed anti-monopoly supervision as one of the key tasks for next year, vowing to prevent disorderly capital expansion.

The authorities said that in order to regulate online platforms that have been criticized for monopoly issues, they will formulate digital economic rules, provide clear definitions of what constitutes a monopoly, and also shed light on proper data collection and use.

“They must be put under [government] regulation. Financial innovation must be advanced under prudent supervision,” the statement said.

Laws and regulations concerning the identification of platform monopolies, management of data collection and use, and protection of consumers' rights and interests will be improved, it stressed.

China will strengthen its national strategic technologies in 2021, and step up efforts to resolve major difficulties that constrain national development and security, the conference said.

In 2021, the country will take a solid first step in building the new development paradigm in which domestic and foreign markets reinforce each other, with the domestic market as the mainstay.

The potential of the domestic market should be fully tapped, the meeting said, calling for the expansion of consumption and effective investment that are oriented toward improving people's livelihoods.

China has become the only major economy in the world to achieve positive growth in 2020. It is widely expected that China's economy will grow by about 2% this year and will rebound by about 8% next year.

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