Xi Jinping commits to tightening oversight of technology firms and the digital economy

China’s President, Xi Jinping, has ordered improved regulation of the country’s technology sector, highlighting the intense scrutiny and upheaval that Chinese internet giants have faced as a result of their rapid expansion.

According to a report published Tuesday by Xinhua, which cited Xi at a meeting of Communist Party officials the day before, improved oversight would assist China in capitalising on the transformation taking place in the technology industry. Xi was speaking at the meeting. The digital economy, which includes everything from big data and artificial intelligence to cloud computing and blockchain technology, among other things, is something he believes should be better integrated into traditional industries.

In his speech, President Xi promised to “correct” practises that are harmful to the interests of the people and that obstruct fair competition

There have been a number of people in the industry who have come into conflict with government regulators. For example, Meituan, an online food delivery company that is publicly traded in the United States and that was recently fined $530 million by Chinese authorities for violating anti-monopoly regulations, is among those who have been targeted. Following a record $2.8 billion antitrust fine earlier this year, Alibaba Group Holding Ltd. Was subjected to a cybersecurity investigation, and Didi Global Inc. was the subject of a cybersecurity investigation just days after its blockbuster initial public offering in the United States of America.

Because of the extensive crackdown, an enormous portion of the vast digital industry has been affected, which includes online education as well. As part of its efforts to ensure that the country’s sharing-economy behemoths benefit from their success, Beijing is taking steps to ensure that the millions of low-wage workers who are critical to the country’s economic development are better off as well.

China’s President, Xi Jinping, made a commitment to protect the rights of employees and customers of online platforms in a speech on Monday. Additional measures include the implementation of a more stringent taxation inspection system. He also reaffirmed China’s commitment to constructing new infrastructure projects and developing indigenous technologies in a number of key areas, including the military, in the coming years, according to Reuters.


Leave a Reply

Your email address will not be published. Required fields are marked *