China unveiled plans to crackdown on businesses

China says crackdown on business to go on for years
China is this year celebrating the 100th anniversary of the Communist Party. Source: Getty Images
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Daily US Times: A five-year long plans have been unveiled by the Chinese government aiming for tighter regulation of much of its economy.

According to the plans, new rules will be introduced covering areas including technology, monopolies and national security in the world’s second-largest economy.

The 10-point plan, which runs to the end of 2025, comes soon after Chinese authorities started targeting the education and technology industries.

The document references Chairman Mao as the country celebrates the 100th anniversary of the nation’s Communist Party.

China’s State Council and the Communist Party’s Central Committee jointly unveiled the plan late on Wednesday by China’s State Council and the Communist Party’s Central Committee.

It said laws will be strengthened for “important fields” such as culture, education, science and technological innovation.

The plan also said that the government aims to tackle monopolies and “foreign-related rule of law”.

Regulations relating to China’s digital economy, including artificial intelligence, big data, internet finance, cloud computing etc. will also be reviewed,

The announcement raised fresh concerns that China’s crackdown on private education and technology companies is set to continue and expand in years to come.

Shares in many Chinese companies listed in Hong Kong, the United States and mainland China have fallen sharply this year as investors’ concerns grow over the crackdown.

China has already launched anti-monopoly investigations into some of the country’s biggest technology companies and taken action against a wide range of other businesses.

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