China boosts policy support for internet platform economy

The Chinese State Council outlined plans to enhance policy support for the platform economy to drive growth, employment and innovation. It also pledged to strengthen oversight, expand industrial internet platforms and help consumer internet platform companies unlock market potential.

The plans were made during a State Council meeting on Friday chaired by Premier Li Qiang.

The meeting emphasized the importance of platform economy, saying it's critical to expanding domestic demand, stabilizing jobs and empowering the real economy, so the government will further strengthen support polices. Measures include strengthening data supply, promoting lawful cross-border data flows and aligning platform policies with macroeconomic goals. 

Efforts will also focus on regulating competition, improving supervision and encouraging platform companies to operate responsibly and competitively.

Protecting consumer and labor rights was also highlighted. New measures will improve systems for online complaint resolution and post-purchase reviews, while guiding platforms to regulate employment practices in line with labor laws to boost job creation.

Additionally, Friday's meeting also approved a law draft on hazardous chemicals safety, which will be submitted to the National People's Congress for review. The law aims to bolster corporate responsibility, improve regulatory enforcement and reduce risks through cross-departmental collaboration. It also calls for upgrading safety management systems, training workers and phasing out outdated chemical facilities to minimize accidents.

According to the National Development and Reform Commission, the government has allocated 150 billion yuan ($20.7 billion) in special long-term bonds for large-scale industrial upgrades of seven key sectors, which are manufacturing industry, agriculture, education, transportation, cultural tourism and medical care to promote industrial transformation and upgrading.