China Pledges to Continue Regulatory Crackdown on Monopolies

Chinese government signaled on Saturday that its crackdown on monopolization will continue to endure fair competition in industries. The government also singled out AI and integrated circuits industries as priorities in building up domestic capabilities.

The government pledged to continue improving regulatory rules, which has shaken up last year various Chinese companies in industries including e-commerce and private education.

The government report underlined the implementation of fair competition, as well as stronger action against monopolies and unfair competition to create a fair market environment.

The report suggests a regulatory improvement for key industries, emerging sectors and sectors with foreign involvement. It also highlights introduction of new measures to make regulation more targeted and more effective.

In addition the government aims to give support to small and medium sized enterprises in science and tech industries. It raises tax deduction for such companies from 75% to 100%. It also pledged more support and foreign investment in medium and high end manufacturing and R&D.

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