TASS:

Recently, the Chinese government's anti-monopoly measures have attracted much attention, such as the continuous strengthening of regulations and rectification of internet platforms. Some foreign investors have expressed concern that this represents a tightening of controls on private enterprises, fearing that this is an adjustment to China's policy of opening up to the outside world and private economy. What do you think? Thank you.

Han Wenxiu:

Your question involves several key words, including anti-monopoly, internet platforms, private economy and opening up to the outside world.

Anti-monopoly work is common practice in market economy countries. During the past few decades, the United States and some countries in Europe have been acting against monopoly. Now, China's economy is expanding and there are more and more large enterprises, which may lead to monopolies forming. Therefore, it is an important and regular task of the Chinese government to strengthen anti-monopoly work and anti-unfair competition. It will help foster a market environment of fair competition, create broad development space for all types of market players, especially small and medium-sized enterprises, and better protect the rights and interests of consumers.

At present, strengthening the supervision of large tech firms — such as internet platforms — and preventing monopolies and the disorderly expansion of capital, are a global challenge. All countries are exploring solutions. We insist on paying equal attention to both standardization and development. On one hand, we need to set up traffic lights for capital, improve the negative list management system for market access, and strictly control blind trends and clear the hazards from the sector's past development. Our aim is to protect data security and personal privacy, safeguard national security and public interests, and promote the standardized and sound development of all types of capital. On the other hand, we also recognize that the platform economy is an important component of advanced productive forces. We need to give full play to its positive role in optimizing resource allocation, promoting scientific and technological progress, facilitating people's lives, and participating in international cooperation and competition. Strengthening regulation is for healthier, more sustainable and long-term development, and the same is true for capital markets.

Among the online platform enterprises, there are not only state-owned enterprises and private enterprises, but also foreign-funded enterprises, as well as many mixed ownership enterprises. The policies to regulate internet platforms treat all market entities as equals. They are aimed at illegal acts, not targeting private enterprises and foreign-funded enterprises. This is very clear.

First, we adhere to our basic socialist economic system, and unwaveringly consolidate and develop the public sector and unswervingly encourage, support and guide the development of the private sector. As important components of the socialist market economy, both public ownership and non-public ownership lay a solid foundation for the country's economic and social development. Private enterprises and private entrepreneurs belong to our own family. We should treat them well and strictly in order to promote the sound development of private enterprises and entrepreneurs.

Second, opening up to the outside world constitutes a basic national policy China adheres to. General Secretary Xi Jinping has made it clear time and time again that China's door of opening up will never be closed and it will only open wider. We are fostering a new development paradigm. What we envision is not a development loop behind closed doors, but more open domestic and international circulations. We will firmly pursue high-level opening-up, better coordinate development and security, seriously implement the Foreign Investment Law, effectively protect property and intellectual property rights, improve the transparency and predictability of policies, communicate with the market well and further foster a market-oriented international business environment underpinned by a sound legal framework. We welcome enterprises and investors from all over the world to start businesses in China, jointly sharing the huge development opportunities brought about by its huge market with the characteristics of high growth. Thank you.