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Chinese regulators ask Internet companies to rectify problems

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Beijing, April 13 (IANS) Chinese regulators on Tuesday urged Internet platform enterprises to comprehensively rectify problems within time limits and establish a new order in the platform economy.

Internet platform enterprises are urged to strictly prevent the disorderly expansion of capital to ensure economic and social security, the regulators said at a meeting held by the State Administration for Market Regulation, the Office of the Central Cyberspace Affairs Commission, and the State Taxation Administration, Xinhua reported.

They were also urged to guard against the formation of monopolies to ensure fair market competition.

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Representatives from 34 Internet platform enterprises attended the meeting.

The meeting also highlighted the innovative growth of the sector and its open and shared ecosystems, while warning against the abuse of algorithms and tax-related issues.

The regulators said that Internet platform enterprises should locate their own problems within one month and subsequently correct them.

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Any enterprise that is found to be involved in illegal behaviour after the rectification deadlines will be punished accordingly.

The overall situation of the Internet platform economy is good, but risks and hidden dangers are accumulating alongside rapid growth, thus it is imperative to regulate the sector according to the law, the regulators said.

Strengthening the governance of platform enterprises does not mean the country has changed its attitude toward supporting and encouraging the Internet platform economy, they noted.

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The government will respect the inherent laws of the Internet platform economy and give full play to its important role, the regulators said at the meeting.

The recommendations come a day after a report said that Ant Group as a whole will apply to become a financial holding company that is overseen by China’s central bank as billionaire Jack Ma’s financial technology giant makes efforts to calm regulatory concerns in the country.

–IANS

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