The Chairman of the PRC Si Jinspin held a meeting on which new measures were approved to changes in the economic sphere. They must help in combating monopolies and contribute to the formation of strategic reserves, as well as help to resist environmental pollution, writes Bloomberg.
According to Bloomberg, earlier the tightening of antimonopoly regulation, the importance of which Si Jinping noted separately, has already led to the pressure on tehnogigans and in the last year cost companies of huge losses.
Central Committee of the Party Committee on August 31 held a meeting on how to strengthen reforms to improve the quality of life in the country. The official Chinese news agency “Xinhua” with reference to Jinping reported that the new rules are “an inherent condition for improving the socialist market economic system.” The agency added that these changes will create equal conditions for business, will benefit consumers and will contribute to “high-quality development and total prosperity.” At the meeting, they also ordered officials to “invoke the company to obey the party leadership.”
The Chairman of the Party and officials discussed other economic measures. So, the authorities are aimed at optimizing the management of stocks “to protect against major risks”, and besides, it was decided to strengthen control over the activities of officials to prevent the administrative authority to restrict competition. The law enforcement agencies were entrusted to pay particular attention to the platform economy (online systems that ensure interaction between users), technological innovation and information security. Si also expressed concern about the environmental situation in the country and called on strictly control the pollutants plants who consume a large amount of energy.
Chinese authorities expand repression against the technological giants of the country, such as Alibaba, due to their growing scale and influence. The largest food delivery platform Meituan declared the threat of large fines due to the anti-monopoly investigation of its operations. By August 24, the shares of Chinese technocompany rose on average by 8-15 percent on the background of waiting for a slowdown in business state regulation. However, these forecasts were not justified.
Among the already existing measures affecting the largest players of the Chinese market are new conditions for entering American stock exchanges and attack on the video game market and additional online education. Restrictions affected not only technicians – the cosmetic companies, Internet pharmacies and producers of alcoholic beverages were affected.