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Chinese Internet Companies Should Innovate, Promote Social Values – State Media | Technology News

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SHANGHAI (Reuters) – Internet technology companies should seek new development and innovation methods, despite tougher supervision, and are encouraged to assume social responsibilities and promote social values, a state media outlet said on Friday.

“In enhancing internet supervision, ‘labour pains’ are inevitable but it brings opportunities,” said Wang Yichen in a commentary in the Economic Daily, which is run by China’s State Council.

The comments come amid tightening regulatory control by Beijing over an array of industries including internet platforms in the tech sector, citing the risk of market power abuse, misuse of consumer’s information and violation of consumer rights.

“China’s confidence in supporting a sound capital market, promoting entrepreneurship and adhering to opening to the outside world will not waver,” said Wang. “Strengthening the supervision of the platform economy shows China’s determination to vigorously develop the digital economy.”

On Tuesday, China’s State Administration for Market Regulation published a set of draft rules aimed at improving fair competition, banning practices such as fake reviews and inflated public metrics.

Copyright 2021 Thomson Reuters.

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