Effective regulation central to platform economy's development

2022-01-21 08:41:06China Daily Editor : Zhao Li ECNS App Download

An employee works at a smart auto parts production facility in Huzhou, Zhejiang province, in December. (Photo by TAN YUNFENG/FOR CHINA DAILY)

The central authorities issued a guideline document on Wednesday, rolling out measures to further promote the standardized, healthy and sustainable development of the platform economy.

The document says that the country should focus on problems the platform economy faces. It vowed to investigate and punish behaviors such as signing of monopoly agreements, abuse of dominant market position and illegal concentration of operators.

The document says that the authorities will strictly control unnecessary data collection, regulate platform enterprises' investment in financial institutions and local financial organizations, and urge platform enterprises and financial institutions that hold their shares to strictly comply with requirements on capital threshold and leverage ratios.

All these are key points that must be overcome for standardized, healthy and sustainable development of the platform economy.

Though the platform economy has been further integrated into social production, some problems have also emerged. The document's re-emphasis on solving these problems provides more stable governance expectations for all platforms.

The development of the platform economy has also raised new requirements for the country's supervision mechanism.

The document puts a lot of emphasis on stating how to improve supervision capacity and level, such as revising the Anti-Monopoly Law, improving the Data Security Law, clarifying the boundary of platform responsibility, strengthening the support of digital supervision and supporting the pilot innovation of digital supervision in regions with mature conditions. All these are regarded as the re-upgrading of the supervisory system over the platform economy.

The new economic form calls for new governance and regulation. Only by timely improving the regulatory system and governance rules can the development of the platform economy realize the convergence of advantages and avoidance of disadvantages.

Of course, the sustainable and healthy development of the platform economy cannot be separated from corresponding support. The guideline document says continuous efforts should be made to facilitate and standardize the registration of market entities related to the platform economy, further clear up and standardize the rules and regulations on access to the platform economy that go beyond their scope of jurisdiction, and introduce more policies and measures to protect the rights and interests of workers with new forms of employment.

That means the country must continue optimizing the environment for the development of the platform economy.



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