The headquarters of DiDi in Beijing Photo:VCG
China has recently noticeably stepped up the supervision over its internet companies. Some leading internet firms are being scrutinized for different reasons. It is believed the series of governance actions are of great significance to the regulation of the market, and should not be misunderstood as a signal that the country wants to punish those companies as a warning.
Relevant enterprises should see China’s determination to strengthen market supervision, and bid goodbye to the previous mind-set that internet companies could develop at their own will. It’s time to jointly prepare to usher in an era of orderly and sustainable development of internet firms.
Previously, China’s state-owned enterprises went through a series of governance steps, including anti-corruption campaign and compliance with laws and regulations. Private enterprises have played an increasingly important role in the country’s development. Regulations on them should also be strengthened to further coordinate with China’s major policies to create solid conditions for better serving the country and the people. For some time, there have been many controversies over Chinese private enterprises, especially internet companies. This ranges from the so-called 996 work culture – working from 9 am to 9 pm six days a week, to executive scandals, customer murders, suspected monopoly disputes, and so on. Information security has particularly caused people’s concerns.
Each company has its own different situation. But it is believed that the society has some basic expectations for private internet enterprises.
First, private internet companies should, like all business entities, follow the trend within the moral and legal framework of our society, especially some enterprises that have become a foundational platform for our digital society. The bigger they grow, the more they should realize that they have to shoulder more responsibilities. It is important for them to remember that they are private enterprises under socialism, so they need to keep promoting social justice and core social values always. These companies have to not only protect our governance system, which is…