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China’s regulatory storm may soon subside for Big Tech firms after Xi Jinping’s right-hand man calls for order and transparency
- Chinese Vice-Premier Liu He called on regulators to adopt a ‘standardised, transparent and predictable’ approach in overseeing the nation’s internet services giants
- His directives represent a subtle warning to regulators to stay on the same page, as Beijing seeks to address economic growth in 2022
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More than a year after China’s technology industry was hit by a massive regulatory storm that upended business expansion plans and wiped trillions of dollars off stock markets from Hong Kong to New York, fears of more crackdowns could soon subside after President Xi Jinping’s top economic aide called for order and transparency in government dealings with Big Tech firms.
Regulators must adopt a “standardised, transparent and predictable” approach in overseeing the nation’s internet services giants and the rectification of online platforms, Chinese Vice-Premier Liu He said on Wednesday when he chaired a meeting of the country’s Financial Stability and Development Committee in Beijing.
Liu also urged regulators to give a heads-up to financial authorities before any new policies get published.
“Relevant departments should actively introduce policies that are favourable to the market” to help promote the industry’s development and global competitiveness, Liu said in an official statement of the meeting’s conclusions.
Liu’s directives, which represent a subtle warning to regulators to stay on the same page, mark the first clear signal from Beijing that another tumultuous year of crackdowns is not on the cards for Big Tech companies in 2022.
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