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Chinese regulators on Tuesday urged internet platform enterprises to
comprehensively rectify problems within time limits and establish a new
order in the platform economy. Internet platform enterprises are urged to strictly prevent the
disorderly expansion of capital to ensure economic and social security
and guard against the formation of monopolies to ensure fair market
competition, the regulators said at a meeting held by the State
Administration for Market Regulation, the Office of the Central
Cyberspace Affairs Commission, and the State Taxation Administration. Representatives from 34 internet platform enterprises attended the meeting. The meeting also highlighted the innovative growth of the sector and
its open and shared ecosystems, while warning against the abuse of
algorithms and tax-related issues. The regulators said that internet platform enterprises should locate
their own problems within one month and subsequently correct them. Any
enterprise that is found to be involved in illegal behaviors after the
rectification deadlines will be punished accordingly. The overall situation of the internet platform economy is good, but
risks and hidden dangers are accumulating alongside rapid growth, thus
it is imperative to regulate the sector according to the law, the
regulators said. Strengthening the governance of platform enterprises does not mean
the country has changed its attitude toward supporting and encouraging
the internet platform economy, they noted. The government will respect the inherent laws of the internet
platform economy and give full play to its important role, the
regulators said at the meeting. Enditem
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