Chinese vice premier calls for sound development of platform economy

Chinese Vice Premier Zhang Guoqing has underscored the importance of efforts to promote the sound development of the platform economy, and of maintaining a fair, orderly market environment.

Zhang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks during an investigation and research tour in east China's Shanghai which lasted from Tuesday to Wednesday.

During visits to online retail, livestream e-commerce and food delivery companies, Zhang said that the platform economy plays a crucial role in advancing innovation and entrepreneurship, as well as in boosting domestic circulation. He encouraged relevant businesses to allocate more resources toward the provision of high-quality products and services.

Platform rules should be established in an open and fair manner, Zhang said, stressing that malignant competition characterized by cheap, low-quality products must be prohibited.

All platforms should utilize positive, beneficial algorithms while also ensuring appropriate, transparent pricing standards, Zhang said. He called for strengthened measures to crack down on irregularities, including malicious price comparisons, false advertising and inflated sales rankings.

On market regulation, Zhang called for accelerated efforts to eliminate regulations and practices that impede a unified market or fair competition. He also emphasized the need to address illegal charges on businesses to maintain a favorable market environment.

Additionally, Zhang urged market regulators to expedite the adoption of new technologies, such as those in the fields of big data and artificial intelligence, to enhance regulatory efficiency.