Market watchdog promotes cooperative approach for Internet companies
Representative sign the memorandum.
A new cooperative approach towards the regulated development of Internet platforms was delivered on Wednesday by the city's market watchdog.
The law enforcement team of the Shanghai Administration for Market Regulation signed a cooperative management memorandum with 17 Internet platforms including Xiaohongshu, Pinduoduo, Trip.com, Baidu, Tencent, Meituan, Freshippo, and Bilibili on Wednesday to promote the healthy, regulated and high-quality development of Internet companies.
Based on the memorandum, a regular data sharing mechanism would be established with these platforms to provide their operations and complaints data to authorities.
At the same time, the city's market watchdog would make platform operators aware of typical violations and enhance administrative guidance, to help them identify potential violations and lift their management efficiency.
"Information sharing, coordination, emergency responding, enhanced training, and exchanges, and dispute mediation mechanisms are all included in the memorandum," said Tang Jianxiong, head of a sub-team of the market watchdog.
Authorities would strengthen resource sharing with platform operators with a combined approach of intervention supervision and management and law enforcement implemented to guide the healthy and orderly development of the city's Internet economy, Tang said.
