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Regulators aim for a brighter environment by 2022

Regulators aim for a brighter environment by 2022

Regulators aiming for brighter environment in 2022
A saleswoman promotes stuffed toys by livestreaming at an International Trading Center in Baigou New Township (Baoding city, North China’s Hebei Province) on February 2, 2021. [Photo/Xinhua]

China will strengthen its regulatory enforcement over platforms and industries in the coming year, but it will also provide a stable environment for market entities to develop, according to the country’s top market watchdog.

Zhang Gong, the head of the State Administration for Market Regulation, stated in a recent interview with Xinhua News Agency, that the administration will give equal attention to regulation for all types market entities in 2022.

Zhang stated that “more regulatory enforcement will be made” in key areas such as the platform economy, technological innovations, information security, and people’s livelihoods. He also suggested that further improvements will be made to the review mechanism for fair competitors and law enforcement on monopolistic behaviour.

“This is because of the gradual formation in China of an ultra-large-scale marketplace, profound changes have occurred in the competitive and cooperative relationships among market entities. He said that capital is increasing while monopolistic behavior coexists avec some administrative monopolies.

Zhang stressed the importance to stabilize the market in 2022. Zhang stated that accelerated measures will be taken to ensure a stable environment for all market entities, stable market order, and fair market supervision.

“While paying more attention to the effect of demand contraction and supply shortages on market entitiesespecially small- and micro-sized businesses,market regulators will also increase policy accuracy to help them cope to such pressures for better growth,” he stated.

He also stated that China’s market entities surpassed 150 million this year, and that 70% of them are active operators. This will be a valuable resource for economic stability as well as long-term development.

Zhang stated that the country seeks to create a market-oriented, efficient, and international business environment, as well as a fair and transparent environment for all market entities.

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He said that China will make sure its market entry and licensing rules are simplified, efficient, fair, provide more convenience for market entities, as well as reduce transaction costs.

“The comments mentioned stabilization and growth several times, which clearly indicates that the country places the development market players as a top priority. Zhong Gang, executive director of East China University of Political Science and Law’s Competition Law Research Institute in Shanghai, stated that only when these market entities develop vigorously will the economy be able to develop sustainably.

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