Shou Xiaoli:

Please raise your hand if you still have a question. The last question, please. 

Economic Daily:

The Central Economic Work Conference has put forward that we should step up efforts to develop the digital economy, enhance regular oversight, and support platform enterprises to fully play their roles. As the major regulator for the platform economy, what specific measures will be taken by the SAMR in this regard, and what will be done to support the healthy development of the platform economy? Thank you!

Luo Wen:

Thank you for your questions. The CPC Central Committee with Comrade Xi Jinping at its core has attached great importance to the status and role of the digital economy and has made a series of major decisions and plans. The market regulation departments have conscientiously studied and implemented the important instructions of General Secretary Xi Jinping, followed the underlying principles of the development of digital economy, and continuously strengthened regular regulation of internet platforms. We will mainly take measures in the following five aspects to guide the healthy development of internet platforms.

First, we will increase the supply of rules and institutions to create a stable, transparent, and predictable institutional environment. We will establish sound basic rules and institutions in the digital economy and improve supporting institutions such as guidelines, guidance, and standards. By means of open, impartial, and transparent rules and institutions, we will send a clear and definite signal to the market to stabilize market expectations and boost confidence in development.

Second, we will work on improving the regulation mechanisms to enhance the efficient coordination of the internet platforms regulation. We will research and explore ways to establish and improve a multi-layered and tiered regulatory responsibility system with hierarchical correspondence. We will give full play to the role of the comprehensive coordination mechanism, such as the joint meeting mechanism for internet market regulation, improve inter-departmental coordinated law enforcement, and explore the establishment of a regional integration mechanism for communication, coordination, synergy, and cooperation.

Third, we will develop new models of regular regulation to see that internet platform enterprises fulfill their primary responsibilities in compliance management. Focusing on key aspects of compliance management and following the principles of operability, realization, and examination, we will improve the dynamic management of compliance risks on internet platforms. We will also establish evaluation indicators for compliance in specific areas, and develop measures such as spot checks and assessment by government departments, regular regulation, positive incentives, and punishment for rule violations to ensure that internet platform enterprises conscientiously fulfill their primary responsibility.

Fourth, we will advance digitalization to enhance the capacity and level of smart regulation. We will take active steps to explore the application of new technologies, including big data, blockchain, and AI in the regulation and law enforcement of internet platforms. We will speed up the development of a national platform for regulating online trading, strengthen monitoring, early warning systems, risk prevention and control, and focus on enhancing look-through regulation capacities. This will allow us to achieve unified command and coordination, quick response, prompt treatment, and more accurate, timely, and effective regulation.

Fifth, we will optimize service measures to better unleash the growth potential of the digital economy. We will focus on establishing national demonstration zones for internet market regulation and service and support local authorities in developing new regulatory and service models. We will actively cultivate internet-based business entities, foster the development of industrial clusters, and protect the legitimate rights and interests of all parties in accordance with the law. At the same time, we will further optimize the business environment and guide internet platform enterprises to achieve open and innovative development to empower the digital economy. Thank you. 

Shou Xiaoli:

Thanks to Mr. Luo Wen and all of the speakers, as well as our friends from the media for their participation. Today's briefing is hereby concluded. See you.

Translated and edited by Zhu Bochen, Guo Yiming, Zhou Jing, Li Xiao, Lin Liyao, Xu Xiaoxuan, Cui Can, Zhang Rui, Yan Bin, Liu Caiyi, Xu Kailin, Wang Wei, He Shan, Ma Yujia, Zhang Junmian, Yuan Fang, Huang Shan, Wang Yiming, Li Huiru, Liu Qiang, David Ball, Tom Arnsten, and Jay Birbeck. In case of any discrepancy between the English and Chinese texts, the Chinese version is deemed to prevail.