China has released a five-year outline to strengthen regulatory control over strategically important sectors including technology and healthcare, in Beijing’s latest push to assert the Chinese Communist party’s supremacy over the world’s second-largest economy.
The Communist party’s Central Committee and the State Council, or cabinet, jointly released a high-level policy document late on Wednesday that 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.