Business

China promises to continue its crackdown on industrial monopolies

People walk past the Central Business District (CBD) in Beijing
FILE PHOTO: People walk past the Central Business District (CBD) in Beijing, China January 16, 2022. Picture taken January 16, 2022. REUTERS/Tingshu Wang

March 5, 2022

BEIJING (Reuters) – China will continue its crackdown on monopolies to ensure fair competition, Premier Li Keqiang said in a report released ahead of the start of the parliament’s annual session on Saturday.

Li also highlighted the integrated circuit and artificial intelligence industries as priority areas for the government to build domestic capacity.

Li said the government, whose recent crackdown on industries from e-commerce to private education has upset global markets, will continue to improve “regulatory rules.”

“We will promote the implementation of measures to ensure fair competition and take stronger action against monopolies and unfair competition to ensure an orderly and fair market environment,” he said, according to the report.

“We will act quickly to improve regulatory rules for key industries, emerging sectors and foreign-invested sectors, and introduce new measures to make regulation more targeted and effective.”

As supporting measures, the government announced it will increase tax deduction coverage for small and medium-sized science and technology enterprises from 75% to 100% and support more foreign investment in medium- and high-end manufacturing and research and development.

The work report also said the government will push ahead with the large-scale deployment of 5G networks, “smart cities and digital villages.”

“We will improve the governance of the digital economy and unlock the potential of data as a factor of production to further boost economic development and enrich people’s lives,” Li said.

(Reporting by Yingzhi Yang, Eduardo Bapitsta, Sophie Yu and Brenda Goh, Editing by Christian Schmollinger and Jane Wardell)

https://www.oann.com/china-vows-to-continue-its-crackdown-on-industry-monopolies/?utm_source=rss&utm_medium=rss&utm_campaign=china-vows-to-continue-its-crackdown-on-industry-monopolies China promises to continue its crackdown on industrial monopolies

Caroline Bleakley

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