Photo: VCG

China has stressed the strengthening of its anti-monopoly stance and prevention of the disorderly expansion of capital during a key meeting held recently.

The meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee on Friday analyzed the economic work for 2021, a development that came after China's market regulator in November issued draft anti-monopoly rules relating to the country's online economy to enhance oversight of giant online service platforms.

Analysts said that the CPC vowed to optimize China's business environment and protect consumers' interests, particularly in the regulation of domestic internet giants. 

The meeting discussed improvements to China's online environment, in which some platforms can create a monopolistic "winner-takes-all" situation, Xu Hongcai, deputy director of the economic policy commission at the China Association of Policy Science, told the Global Times on Sunday.

Xu pointed out that given the suspension of its IPO, Ant Group should be sure it follows government rules. Xu said internet giants need to protect consumers' rights and promote fair competition among their peers.

Dai Xianglong, former head of the People's Bank of China, the central bank, addressed the suspension of the listing of Ant Group at a conference on Sunday, saying that internet companies cannot evade the regulation of business operations as required of the financial intermediary platforms.

Analysts said recent policies and meetings signal that the Chinese government is looking to strengthen oversight of the nation's giant online service platforms. 


Newspaper headline: Key meeting stresses anti-monopoly stand, orderly capital market