China says "No change in fundamental national policy of opening up" amid concerns over strengthened big tech regulations

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Yuri Kim] The Chinese government recently addressed concerns over the strengthening of regulation and supervision of private large enterprises within China, stating that "opening up to the outside world is a fundamental national policy of China and cannot be shaken at any time." This was interpreted as a dismissal of fears that the intensified management and supervision of domestic private large enterprises could extend to foreign companies operating in China or those trading with China.

According to local media, on the 8th, when Wang Wenbin, spokesperson for the Chinese Ministry of Foreign Affairs, was asked about some U.S. claims that "China's increased market supervision measures could raise market risks," he responded by emphasizing that "China's steps toward a high level of opening up to the outside world are becoming increasingly significant."

He cited the promotion of free trade pilot zones, facilitation of trade, investment, international logistics, and financial services as examples demonstrating China's economic openness. Wang acknowledged that the Chinese government is "strengthening antitrust regulations to crack down on unfair competition and safeguard a fair competitive market order," admitting that stringent regulations on enterprises are being implemented as policy, and argued that "this is a conventional method many countries use to manage economic activities." He added that this ensures the Chinese economy operates fairly and orderly and will furthermore be a long-term positive factor for global economic development.

Since November last year, China has pressured private large enterprises, especially 'big tech' (large information and communication technology companies) such as Jack Ma's Alibaba, under various pretexts including antitrust, anti-unfair competition, financial stability, personal information protection, and national security.

Chinese President Xi Jinping indicated no change in this policy direction at the 21st meeting of the Central Committee for Deepening Overall Reform on the 30th of last month, stating that "strengthening antitrust and deepening fair competition policies are inherent requirements for improving the socialist market economy system."

This content was produced with the assistance of AI translation services.