Reg­u­la­tor: Dig­i­tal door open to law-abid­ing firms

Chief of cy­berspace ad­min­is­tra­tion swears by mul­ti­lat­eral ties

China Daily (USA) - - SHANGHAI | FOCUS - By OUYANG SHIJIA andMASI in­Wuzhen, Zhe­jiang Con­tact the writ­ers at masi@chi­nadaily.com.cn and ouyang­shi­jia@ chi­nadaily.com.cn

China wel­comes for­eign com­pa­nies and en­trepreneurs who are will­ing to de­velop new prod­ucts and ser­vices in the world’s sec­on­de­con­omy as long as they re­spect lo­cal laws, the head of the coun­try’s in­ter­net reg­u­la­tory body said on Thurs­day.

“Be­ing open and co­op­er­a­tive is the only way to pro­mote the de­vel­op­ment of dig­i­tal econ­omy. China will step up ef­forts to push for­ward bi­lat­eral and mul­ti­lat­eral dig­i­tal eco­nomic co­op­er­a­tion projects,” saidXu Lin, min­is­ter of the Cy­berspace Ad­min­is­tra­tion of China, at the on­go­ing third World In­ter­net Con­fer­ence in Wuzhen, Zhe­jiang prov­ince.

Dig­i­tal tech­nol­ogy is play­ing an in­creas­ingly im­por­tant part in driv­ing China’s eco­nomic growth. Ac­cord­ing to a re­port re­leased by the China Acad­emy of In­for­ma­tion and Com­mu­ni­ca­tions Tech­nol­ogy, the size of the coun­try’s dig­i­tal econ­omy reached 18.6 tril­lion yuan ($2.7 tril­lion) in 2015, sec­ond only to the United States.

XuanChang­neng, as­sis­tant to the chair­man of the China Se­cu­ri­ties Reg­u­la­tory Com­mis­sion, said sta­ble and healthy de­vel­op­ment of a mul­ti­level cap­i­tal mar­ket will pro­vide strong sup­port to the dig­i­tal econ­omy.

“The com­mis­sion will ac­cel­er­ate re­forms to fa­cil­i­tate do­mes­tic com­pa­nies that want to get listed on for­eign (stock) mar­kets. We will en­cour­age en­ter­prises to make good use of both do­mes­tic and in­ter­na­tional cap­i­tal mar­kets and re­sources,” he said.

Neil Shen, ex­ec­u­tive part­ner of Se­quoia Cap­i­tal, said in China, the mo­bile in­ter­net tech­nol­ogy is most widely used.

“New-econ­omy mod­els, es­pe­cially the boom­ing shar­ing econ­omy, are rev­o­lu­tion­iz­ing our lives,” Shen said.

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