The State Administration for Market Regulation, the country's top market regulator, pledged to strengthen the rule of law regarding antimonopoly supervision and shore up market expectations and confidence as part of ongoing efforts to restore sound market order and promote fair competition.
The regulator will step up efforts to help improve the legal system for fair competition and provide clearer guidance for market entities. It will also focus on stabilizing the macroeconomy and safeguarding people's well-being, as well as strengthening antitrust regulation and law enforcement in key areas.
The SAMR emphasized the antimonopoly work for this year should be carried out steadily and in a regulated, transparent and predictable manner to promote high-quality economic development and better protect the interests of people.
It said intensified efforts should be made to build a modern regulatory system, enhance the governance to ensure fair competition, prompt enterprises to strengthen compliance management, and enable the nation to play a bigger role on the global stage in formulating antimonopoly rules.
"How to effectively curb the disorderly expansion of capital while boosting market confidence is a major test for improving the modern supervision capacities, which is also a prerequisite for deepening reforms to streamline administration and delegate power amid efforts to improve the business environment," said Long Haibo, a senior researcher at the Development Research Center of the State Council, China's Cabinet.
More emphasis on the synergy between the governance of the platform economy and stability of the capital market is conducive to promoting the steady development of the economy, fostering high-quality development and safeguarding people's interests, said Long, adding regulation will become more foreseeable and transparent in the future.
He said the aim of improving the rule of law regarding antimonopoly efforts would better stabilize market expectations and confidence. These measures will further spur the innovation of small and medium-sized enterprises and help enhance the international competitiveness of Chinese platform-based enterprises.
Platform economy refers to the tendency for commerce to increasingly move toward and favor digital platform business models. These platforms allow consumers, entrepreneurs, businesses and the general public to connect, share resources, and sell products or services.
Ouyang Rihui, assistant dean of the China Center for Internet Economy Research at the Central University of Finance and Economics, said the country's antitrust efforts are expected to continue in 2022, but stabilization will be critical.
"The antitrust regulatory measures will abide by the rule of law, and strike a balance between stimulating innovation and supervision,"Ouyang said. The move will help stabilize the capital market, reassure investors and boost their confidence in long-term development of the platform economy.
The governance of the platform economy should follow the principle of market orientation, rule of law and internationalization, according to a meeting held by the Financial Stability and Development Committee under the State Council on March 16.
Relevant departments should push forward steadily and complete the rectification work on large platform companies as soon as possible through regulated, transparent and predictable supervision, the meeting said.
Chinese market regulatory authorities made remarkable achievements in cracking down on monopolistic behaviors in areas including the platform economy, healthcare and public services last year. Related authorities dealt with 176 monopoly cases and imposed fines totaling 23.59 billion yuan ($3.7 billion) in 2021.
