China to promote sustained and healthy development of platform economy

China will further enhance the innovation capabilities of platform enterprises and foster the sustained and healthy development of the platform economy, as discussed in a State Council executive meeting chaired by Premier Li Qiang on Friday.

The platform economy, which refers to tech-driven online marketplaces and other similar services like ride-hailing and food delivery, is one of the new growth drivers fueled by the country's rapidly expanding Internet sector.

The meeting discussed the platform economy's role in promoting high-quality digital economy development. The integration of digital technology with the real economy, advancing the industrialization of digital technology, and digitizing traditional industries are essential for fully empowering economic and social development, according to the meeting's read-out.

To support the flourishing of the digital economy, the meeting emphasized the need for a refined ecosystem. This includes improving foundational data frameworks, digital infrastructure while advancing the market-based data allocation as a key economic input.

Other topics discussed included the promotion of innovative pharmaceuticals, development in the western regions and growth in the Tianjin Binhai New Area.

The meeting urged relevant government departments to leverage policies on pricing, medical insurance payments and commercial insurance to promote innovative pharmaceuticals. Additionally, efforts to encourage scientific and technological innovation and basic research were emphasized.

The western regions of China, crucial for national reform, development and stability, were encouraged to pursue overall growth and sustainable development, according to the meeting.

For the Tianjin Binhai New Area, the meeting called for policy alignment with neighboring Beijing and Hebei. This therefore enhances its status as a port and shipping hub, and advances reforms to develop a pilot free trade zone.

The meeting also stressed the importance of addressing irregularities in the execution of the 2023 central budget and other financial revenues and expenditures.

(With input from Xinhua)