Economic policy

China’s long-term economic policy unchanged despite flurry of regulations – Xinhua English.news.cn

A Chinese national flag flies in front of the China Securities Regulatory Commission (CSRC) building on Financial Street in Beijing, China July 9, 2021. REUTERS/Tingshu Wang

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SHANGHAI, Sept 8 (Reuters) – China is imposing new regulations on its industries to promote their healthy development and the country’s long-term economic policy remains unchanged, the People’s Daily said in an editorial on Wednesday.

The reform measures are aimed at supporting the development of the private economy and the purpose of clarifying regulations, drawing the bottom lines and setting up “traffic lights” is to guide businesses to obey the leadership of the ruling Communist Party, he said.

Since late last year, various Chinese authorities have launched regulations and sanctions across a number of sectors, in some cases altering the long-term outlook for entire industries, at a pace that has rattled markets and stoked investor uncertainty.

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Chinese authorities have recently seemed to reassure companies. Chinese Vice Premier Liu He pledged on Monday that the government would continue to support the private sector. Read more

The People’s Daily said the regulations had achieved “early results” and were designed to curb the “barbaric growth” of platform companies.

The introduced policies do not target specific companies, the newspaper said, adding that the country will continue to open up, protect the rights and interests of foreign capital and promote fair competition.

“The regulatory policies introduced treat everyone equally and target violations of laws and regulations, and in no way target specific industries or companies.”

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Reporting by Josh Horwitz Editing by Shri Navaratnam

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