A consumer looks at jewelries at a jewelry expo in Xi’an, Northwest China’s Shaanxi on February 11, 2023. The expo attracted many people to visit and buy, stimulating the new vitality of consumption in the ancient city. In 2022, online sales of gold and silver jewelry rose 27.3 percent year-on-year, official data showed. Photo: IC

The State Administration for Market Regulation (SAMR) has vowed to optimize regulation procedure for online platform-based businesses, and crack down on market monopolies, while calling for more efforts to advance high-quality economy development.

The market regulator will implement normalized checks across the whole regulation process including compliance and accountability of the platform economy, in order to support the healthy competition and growth of all market entities, Xu Lefu, an official from the SAMR, said during a press conference in Beijing on Wednesday.

The SAMR pledged to continue to crack down on monopolies and regional protectionism, Pu Chun, a deputy head of the SAMR, said that the law enforcers will ramp up the improvement of penalty benchmarks in market regulation, so as to prevent excessive penalties on businesses.

"The rule of law is the best business climate, as well as the guarantee to activate the market and ensure a transparent market order," said Pu, noting that the SAMR will build a stable, transparent, regulated and promising business environment.

The SAMR also vowed to improve communication mechanisms with all business entities to heed their feedback, and enhance the supervision and punishment of illegal behaviour that disrupts normal market order, including acts that infringe upon others' intellectual property rights.

The market regulator will initiate quality inspections among the key sectors of integrated circuits, artificial intelligence and quantum computing to ensure the quality regulation in the whole industrial chain to help propel China's economic growth.

Global Times