China to Boost Innovation in Platform Economy, Emphasize Digital Integration

Beijing, The Gulf Observer: In a State Council executive meeting chaired by Premier Li Qiang on Friday, China announced plans to further enhance the innovation capabilities of platform enterprises and foster the sustained and healthy development of the platform economy.

The platform economy, which includes tech-driven online marketplaces and services such as ride-hailing and food delivery, is identified as a key growth driver, bolstered by the country’s rapidly expanding internet sector. The meeting underscored the platform economy’s pivotal role in promoting high-quality digital economy development.

Key discussions highlighted the integration of digital technology with the real economy, advancing the industrialization of digital technology, and digitizing traditional industries. These efforts are aimed at fully empowering economic and social development. The meeting’s read-out emphasized the importance of improving foundational data frameworks and digital infrastructure, as well as advancing market-based data allocation as a critical economic input to support the flourishing digital economy.

Other significant topics included the promotion of innovative pharmaceuticals, regional development in the western areas, and growth in the Tianjin Binhai New Area. The meeting urged relevant government departments to leverage policies on pricing, medical insurance payments, and commercial insurance to support innovative pharmaceuticals. Additionally, emphasis was placed on encouraging scientific and technological innovation and basic research.

For the western regions of China, crucial for national reform, development, and stability, the meeting encouraged a focus on overall growth and sustainable development. Regarding the Tianjin Binhai New Area, the meeting called for policy alignment with neighboring Beijing and Hebei to enhance its status as a port and shipping hub and advance reforms to develop a pilot free trade zone.

The meeting also stressed the importance of addressing irregularities in the execution of the 2023 central budget and other financial revenues and expenditures, highlighting the need for stringent oversight and accountability.