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Evolving regulations improve growth and sustainable development, Alibaba CEO says

Written by Wency Chen Published on     2 mins read

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China is willing to work with other countries to seize the historical opportunities of the information revolution: President Xi.

Development and regulation will always be mutually reinforcing and interdependent, so that enterprises can not only prosper on their own, but also serve the sustainable and healthy growth of the whole society, Alibaba CEO Daniel Zhang Yong told the seventh World Internet Conference (WIC) on Monday.

“Amid COVID-19 and the economic recovery, Alibaba Group has always been at the forefront, giving full play to our capabilities in e-commerce, finance, logistics, cloud computing, big data, and other infrastructure, putting efforts in the worldwide fight against the pandemic,” said Zhang, at this morning’s session, themed “digital economy and tech in the battle with coronavirus.”

Zhang noted that the results China achieved this year demonstrate the nation’s progress in building its digital economy and that Alibaba is a participant, a builder, and also a beneficent. “In order to ensure a more orderly and healthy development of the internet and the digital economy, state departments are seeking opinions on policies in the field of the platform economy, which we think is very timely and necessary,” said Zhang.

Earlier this month, Alibaba-affiliated Ant Group’s planned IPO was halted by the Shanghai Stock Exchange, after China’s Banking and Insurance Regulatory Commission issued a new draft for online microfinance, proposing tighter controls on the businesses. On November 10, China’s State Administration for Market Regulation announced draft rules targeting monopolistic practices in the country’s tech sector.

The two-day conference, hosted in the town of Wuzhen in east China’s Zhejiang province, kicked off this morning. Chinese President Xi Jinping sent a congratulatory letter to the summit, saying that “China is willing to work with other countries to seize the historical opportunities of the information revolution, cultivate new drivers of development, strengthen digital cooperation and cybersecurity, and build a community of shared future in cyberspace.”

Xi pointed out that the internet has played an important role in promoting economic recovery, thanks to the wide application of telemedicine, online education, and remote working.

Speakers this morning included infectious disease specialist Zhong Nanshan, Serbia’s State Secretary in the Ministry of Trade, Tourism, and Telecommunications Tatjana Matić, Cisco CEO Chuck Robbins, ZTE president Li Zixue, Qi Xiangdong, president of the cybersecurity company Qi An Xin Technology, and Sequoia Capital China’s Neil Shen.

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