What’s new: China will ramp up efforts to close “gaps and loopholes” in regulating internet platform companies, Chinese national broadcaster CCTV quoted President Xi Jinping as saying.
Speaking at a top economic regulatory meeting in Beijing, Xi said Monday that the development of China’s internet platforms was at a "critical phase," urging the country to close regulatory gaps and loopholes in order to progress with “healthy and sustainable development.”
Xi reiterated China’s pledge to reach peak carbon dioxide emissions before 2030 and achieve carbon neutrality by 2060. He said that China’s efforts to hit both targets should be resolute and forceful, according to CCTV.
Why it matters: The meeting came at a time when Chinese leaders are drumming up new anti-monopoly legislation and regulations, targeting big internet platforms that leverage their market dominance to impede rivals.
The meeting also coincided with a sandstorm hitting Beijing on Monday, bringing record-high concentrations of ultrafine airborne particles, marking the worst air pollution in a decade.
Contact reporter Lu Zhenhua (zhenhualu@caixin.com) and editor Heather Mowbray (heathermowbray@caixin.com)
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