Vital that internet economy develops on right track

Vice-Premier Liu He delivered a speech via video at the opening of the World Internet Conference Wuzhen Summit in Jiaxing, Zhejiang province, on Sunday.

His speech made at least three points clear regarding the Chinese government’s attitude toward the development of internet and related technologies and industries.

First, in the 1990s, the accelerated development of the internet in China was interwoven with the great tide of reform and opening-up in the country. The combined effects of industrialization and informatization propelled China’s economic development.

Digital technology has profoundly transformed production and continuously created new business forms, generating new development opportunities. Digital technology has also provided strong support for defeating the COVID-19 pandemic and promoting an economic recovery and improving people’s lives.

Science and technology should do no evil is an inherent requirement of a community with a shared future for humankind.

That means the world must work together to ensure the security and reliability of infrastructure. The development of artificial intelligence should ensure the well-being of humankind, and effectively prevent and combat cybercrimes. It should promote cooperation among countries, rather than be the subject of finger-pointing.

Second, countries should make concerted efforts to ensure the fairness of competition and the openness of creation, as the digital economy tends to foster monopolies.

The property rights of digital assets must be defined reasonably to truly balance the private property rights and public attributes of data, so as to achieve a balance in growth and distribution.

Third, China will take advantage of the development of new technology to effectively manage relevant risks and unswervingly promote high-quality development.

Liu’s speech made clear that there is no need for any pessimism about the government’s stance toward the digital economy, the fundamental starting point of China’s strengthening of supervision in the digital economy is to regulate the industry and promote longterm and healthy development, rather than limit the value and space of the industry itself.