A file photo shows a pedestrian walks past the headquarters building of the People's Bank of China in Beijing, capital of China. (Xinhua)

China supports the healthy development of the private economy, the internet sector and the digital economy, while continuing to improve transparency and predictability of policies in an effort to protect intellectual property rights and personal data to facilitate fair competition, the country's central bank chief said.

Yi Gang, governor of the People's Bank of China (PBC), made the remarks at the Regulating Big Tech conference hosted by the Bank for International Settlements (BIS) when commenting on the country's move to close supervisory loopholes for the platform economy.

The central bank will continue to require all financial services platforms to be licensed, Yi said, adding that technology companies engaged in financial services have to separate the functions with a subsidiary to prevent cross-sector risks, according to a transcript of his speech released by the PBC on Saturday.

He also pointed to the need to sever links between non-banks and banking information to contain monopolistic practices.

Yi's speech sends a clear signal that China's move in strengthening antitrust regulations is aimed at guiding and encouraging the private economy and the internet sector, rather than clamping down on tech giants as claimed by some Western media, said Dong Shaopeng, a senior research fellow at the Chongyang Institute for Financial Studies at Renmin University of China.

"Along with enhanced regulation, China's internet sector is embracing a new era where market competition is fairer and smaller innovative companies emerge like bamboo shoots after the rain," Dong told the Global Times on Sunday, noting that it will benefit China's long-term sustainable economic growth.

This year, Chinese regulators have stepped up antitrust crackdowns in sectors including e-commerce, digital payments, ride-hailing and private tutoring, with phased achievements made.

Following a record $2.8 billion antitrust fine levied on Alibaba in April, Chinese food delivery platform Meituan was fined 3.44 billion yuan ($533.5 million) for monopolistic practices by China's top market regulator on Friday.

Following rectification, Alibaba's digital apps, including Eleme and Youku, now support Tencent's WeChat payment, while Tencent allows website access from Alibaba.

At the meeting, Yi also stressed that China is willing to participate in international rulemaking around the digitalization of financial services, and step up cooperation with international organizations like the BIS and other countries to prevent antitrust behavior, increase financial supervision and improve data protection for consumers.

Global Times