The Chinese Central Committee and State Council, or cabinet, jointly released a five-year plan aimed at increasing regulatory control over strategic sectors on Wednesday, reports the FT. The move comes as part of Beijing’s latest push to strengthen their position in sectors such as technology and healthcare.
The plan would expand government legislation and build a modern regulatory environment to “meet people’s ever-growing demands for a good life.”
The plan’s release followed a series of regulatory measures that have stunned investors in Chinese business and knocked tens of billions of dollars off the valuations of some of the country’s biggest tech groups.
Beijing appeared to use the release to provide direction on the breadth and duration of its regulatory overhaul, even though the wide-ranging document did not provide a list of specific instructions or measures.