China to nurture platform economy growth

China will take a series of measures to support the development of the platform economy as the country aims to leverage internet-based technologies and services to boost economic growth.

The government will cut red tape for business registration of related companies, with efforts to be made to improve conditions for market access and lower compliance costs for such companies, according to a guideline released by the general office of the State Council recently.

A new regulation approach will be developed to help nurture the sector's growth while ensuring fair market competition, with innovated oversight to accommodate inclusiveness and prudence, said the guideline.

Developing new forms of platform economy is also encouraged for expedited fostering of new drivers for growth in this regard.

The integration of internet technologies and Internet of Things with manufacturing, entrepreneurship as well as services in fields like medical care, education and tourism will be encouraged.

Efforts will also be made to provide a favorable environment for the platform economy by creating an integrated data-sharing system across the public and private sectors and increasing transparency of the credit information sharing platform nationwide.

The guideline also calls for better protection of legitimate rights for product and service providers, as well as for consumers in the platform economy.

The latest policy push came after China unveiled an earlier guideline on facilitating the sector in late February, which promised to foster a batch of 100-billion-yuan (about 14.19 billion U.S. dollars) commodity markets by 2020.