- President Xi Jinping ordered better regulation of the country’s technology sector, underscoring the fierce scrutiny and upheaval faced by Chinese Internet giants following their rapid growth.
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Improvement in oversight would help China take advantage of the transformation happening in the tech industry, Xinhua reported Tuesday citing Xi at a meeting of Communist Party officials the previous day. He called for greater integration of digital industries and the traditional economy, which covers everything from big data and artificial intelligence to cloud computing and blockchain.
Why is China cracking down on its tech giants and why people dislike it?
Xi vowed to prevent practices that harm the interests of masses and hinder fair competition. Many in the industry have fallen foul of regulators. Among them, online food delivery firm Meituan was recently fined $530 million for violating anti-monopoly regulations by Chinese authorities. About a dollar amount of antitrust fine was applied later this year in Didi Global Inc., and Alibaba Group Holding Ltd. faced security inquiries days after its business listing.
The nationwide digital crackdown has covered much of the vast digital industry, including online education. Beijing is moving to ensure the country s sharing economy behemoths improve the welfare of millions of low-wage workers they depend on to drive growth.
In his speech on Monday, Xi pledged to protect the rights of employees and customers of online platforms. A more strict tax inspection system will be put in place, too. He also reaffirmed China s commitment to building more impressive infrastructure projects and the development of homegrown technologies in key areas.
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