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Wave Of Regulatory Action Impacting Multiple Industries Defended By Chinese Media

Wave Of Regulatory Action Impacting Multiple Industries Defended By Chinese Media
An editorial published in the state supported Chinese tabloid Global Times recently described the criticism by the United States and the West the regulatory crackdown in multiple sectors by the country is like taking "a backward step", as smears, while also claiming that the latest actions and measures taken by Beijing is aimed at building a prosperous market economy.
"For the moment, reforms in the West are stuck in silence while public opinion there is busy pointing fingers at China, while China is the true doer who is slow in speech yet quick in action," the editorial reads.
The Global Times is a publication of the People's Daily, the official newspaper of the Chinese Communist Party.
The wave of regulatory measures taken by Chinese authorities against companies and sectors were described in the editorial as a way for the Chinese government to curb down on market monopolies while also safeguard national security and protect the interests of workers.
"Such economic governance is not new to the world, but Western media outlets have kept pinning political labels on China's relevant practices, cursing China to fail," the op-ed read.
"China has been at the forefront of developing countries, and we are determined to take a modernization path that is different from that of capitalism," the unnamed writer added.
A wave of regulations and penalties have been imposed by China over the past year which has impacted a range of sectors – from online gaming to online education to e-, while also rattling the confidence of investors – both domestic and foreign.
The clampdown was initiated in autumn last year with the regulators abruptly halting the announced and planned $37 billion initial public offering (IPO) of Alibaba-affiliated Ant Group.
A record $2.5 billion fine on Alibaba has been slapped by regulators since then while also banning curriculum based tutoring by for-profit education companies while also investigating ride hailing giant Didi Chuxing over concerns of data privacy of its users.
On Monday this week, authorities also announced imposing restrictions on access of online gaming sites of minors in the country and limiting such access to just one hour a day and only on Fridays, Saturdays, and Sundays.

Christopher J. Mitchell

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