The Chinese government is going to regulate much of its economy more

The Chinese government is going to regulate much of its economy more in the coming years. It plans to set up a new legal framework for digital business, wants to control science and culture, and will focus on monopolies. Although the 10-point plan does not provide specific guidelines and measures, it extensively describes the areas that need to be addressed by 2025. Important sectors include science, technological innovation, culture and education. A new legal framework is being prepared for the digital economy, ie for the areas of internet finance, cloud computing and big data, writes the BBC. From the stronger rules to come in the coming months and years, Beijing promises to strengthen national security, clearer competition, but also greater social stability in the country. The plan aims to build a "modern regulatory environment" that meets "people's growing demands for a good life," the Financial Times reported. The presentation of the plan follows the steps of Beijing from previous months and weeks. In July, China knelt in the private education market. It has banned companies operating in the sector from generating profits, increasing share capital and trading on the stock exchange. All private companies offering training programs must be newly registered as non-profit organizations. “Institutions that teach school subjects must not be publicly traded; listed companies should not invest in these institutions and foreign capital is excluded from these institutions, "states in the rules introduced in July. Since the transfer of private tuition to the non-profit area, Beijing has promised greater affordability of education. Following the publication of the regulation, the shares of the companies concerned fell sharply. At the same time, the private education market in China has so far enjoyed rapid development and attracted billions of investments from around the world. Chinese technology companies are also facing stricter rules. Beijing has recently launched antitrust investigations into several of them. Technology giant Alibaba was fined 18 billion yuan in April for abusing its dominant position in the market. Another Chinese giant, Tencent, must terminate exclusive music licensing agreements that the company has entered into with global publishers at Beijing's direction.