China will further enhance the innovation capabilities of platform enterprises and foster the sustained and healthy development of the platform economy, according to a State Council executive meeting chaired by Premier Li Qiang on Friday.

The platform economy refers to tech-driven online marketplaces and other similar operations, such as ride-hailing and food delivery services.

The meeting discussed and studied several issues, including the role of the platform economy in promoting the high-quality development of the digital economy.

It is essential for China to foster the deep integration of digital technology with the real economy, advance the industrialization of digital technology and digitize traditional industries to fully empower economic and social development, according to a read-out of the meeting.

It's crucial to persistently refine the ecosystem for the digital economy to flourish, the meeting decided, urging a coordinated effort to enhance foundational data frameworks and digital infrastructure while advancing the market-based allocation of data as a key economic input.

Other topics discussed at the meeting included innovative pharmaceuticals, the development of the country's western regions, and growth in the Tianjin Binhai New Area.

The meeting urged relevant government departments to make full use of policies on pricing, medical insurance payments and commercial insurance to promote innovative pharmaceuticals. Efforts should also be made to encourage sci-tech innovation and basic research.

It was decided at the meeting that the country's western regions, which play a pivotal role in national reform, development and stability, should strive for overall growth and pursue sustainable development.

Regarding the Tianjin Binhai New Area, the meeting called for the area's policies to be aligned with those of its neighboring Beijing and Hebei, enhancing its status as a port and shipping hub, and advancing reform to develop a pilot free trade zone.

The meeting also emphasized the need to address all irregularities in the execution of the 2023 central budget and other financial revenues and expenditures.