China released measures to regulate the development of its sharing economy, as reported by the Economic Information Daily last Friday.
These eleven measures were jointly devised by the National Development and Reform Commission (NDRC), the Cyberspace Administration of China (CAC), and the Ministry of Industry and Information Technology (MIIT).
They feature a holistic management approach, sterner requirements for corporate responsibility, and higher thresholds for market access.
A holistic regulatory system will be set up in which information and resources can be shared across agencies and regions. Also, industrial associations will be encouraged to form their codes of conduct.
Regulatory authorities will see more clearly defined assignments regarding their target sectors, and formulate differentiated regulatory policies based on their specific characteristics.
Businesses are urged to ensure the safety, rights, and interests of their users with better mechanisms.
New policies on market access will be launched, and an inspection mechanism will be put in place to ensure fair market competition. For the specific sectors of the sharing economy not yet covered by existing official standards, industrial leaders and associations are encouraged to set out quality requirements for their products and services.
New technologies will be adopted to shore up regulatory practices. Big data monitoring will cover not only data from the existing platforms but also those from the businesses.
New economy businesses will be included in the national credit information system. Their irregularities and related punishments will be publicized.
New economy business models using public resources will be subject to a quota of such resources based on multiple factors such as market demand and service quality.
Supervision of businesses will be enhanced as they collect and process user information.
Fair market competition will be guarded more strictly and intellectual property rights will receive better protection. Other iillegal activities will see harsh crackdowns.
New economy companies will be advised to guide their users in the adequate utilization of shared resources, and private capital will be encouraged to invest in a way that optimizes the allocation of public resources.
Contingency measures will be established in collaboration with new economy businesses in case of emergencies or other major events.
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