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The platform economy is striving for stability, the signal is released, and the share price of Inter

Date: 2022-03-21
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The Internet sector of Hong Kong stocks ushered in a rebound! On March 17th, the Hang Seng Internet Technology Industry Index rose 8.41%. In terms of individual stocks, Baidu Group rose by 16.20%, JD.COM Group by 15.85%, Meituan by 12.29%, Alibaba by 12.46% and Tencent Holdings by 6.27%.

The collective rise of Internet giants is closely related to the special meeting held by the Financial Stability and Development Committee of the State Council on March 16th. The meeting proposed that, with regard to the platform economic governance, relevant departments should improve the established plan according to the principles of marketization, rule of law and internationalization, insist on steady progress, steadily push forward and complete the rectification work of large platform companies as soon as possible through standardized, transparent and predictable supervision, and set up red lights and green lights to promote the stable and healthy development of the platform economy and enhance the international competitiveness.

'The special meeting was held in a timely manner, which eliminated the market's concerns about the uncertainty of the platform.' Fang Xingdong, founder of Internet Lab, said in an interview with Securities Daily that 'the fundamental purpose of governance is to further activate competition and stimulate innovation vitality. However, the platform economic governance and anti-monopoly need to give the outside world a clear expectation. '

Regulatory transparency can be expected

In the past year, the market position of platform enterprises has undergone earth-shaking changes. The uncertain factors of Internet enterprises represented by digital economy have increased, and the market risk aversion has spread directly to the secondary market. The share price of Internet enterprises has plummeted and the market value has shrunk dramatically.

Data show that in 2021, the Hang Seng Internet Technology Industry Index fell by 31.89%. Recently, the intensification of market turmoil has led to high risk aversion, which in turn affects the stock prices of Internet companies. As of the close of March 15th, the Hang Seng Internet Technology Industry Index fell by over 8%, with a cumulative decline of 18.24% in two trading days.

In this context, the Financial Committee set the tone in time, which greatly boosted market confidence. Zhu Wei, deputy director of the Communication Law Research Center of China University of Political Science and Law, told the Securities Daily that 'the meeting of the Finance Committee reiterated that' the red light and the green light should be set well', and at the same time stressed that' the international competitiveness should be improved'. It can be seen that the policy orientation is gradually transitioning to' strong supervision means to promote the orderly development and prudent tolerance of the platform economy'. '

Wu Qi of Wuxi Institute of Digital Economy said in an interview with Securities Daily that 'the meeting of the Finance Committee proposed to further clarify the governance principles of the platform economy through standardized, transparent and predictable supervision, adhere to both development and standardization, and establish and improve the governance system of the platform economy. First, guide and support the innovation and development of the platform, support the platform economy to increase investment in original technologies and core technologies, and enhance the overall innovation capability of the platform economy; The second is to enhance the international competitiveness of the platform economy and support overseas investment and business development of the Internet platform; The third is to promote the integration and development of platform and economy and society, and promote the platform economy to play a greater role in government governance, people's livelihood security and industrial transformation; The fourth is to improve the economic governance system of the platform, guide the platform to strengthen its own responsibilities through legislative regulation, establish an innovation-oriented and user-oriented anti-monopoly regulation system, and improve the data governance rules. '

Complete the rectification of the large platform as soon as possible

Many interviewed experts believe that the 'rectification of large-scale platform companies' mentioned in the Finance Committee meeting mainly refers to the Internet platform.

Zheng Lei, chief economist of Baoxin Finance, said that the development of the Internet has been path-dependent, and the network attribute is easy to form a monopoly advantage, which has a disorderly and negative impact on the real economic chain. Local bright spots in the platform economy can't compensate the overall loss of the industrial chain. This situation is being gradually corrected in the anti-monopoly process starting in 2020, and the regulatory authorities are making efforts to build an institutional system that can timely intervene and effectively supervise.

Specific to the sub-sectors, Zheng Lei believes that the leading enterprises of e-commerce platform are already in the forefront of the world, but they still need to continue to improve their competitiveness and occupy the main position of cross-border e-commerce. Some enterprises that have accumulated a lot in technology research and development and technology investment should develop towards industrial Internet as soon as possible, accelerate the development of cutting-edge technologies of the next generation Internet such as WEB3.0, and complete the transformation.

With the gradual clarification of the regulatory context, the Internet industry is coming out of the painful period of transformation.

Fang Xingdong believes that at the governance level, we should focus on enterprises with outstanding problems, 'guide accurately' as much as possible, and establish the deterrent power of the legal system. For example, every anti-monopoly wave in the United States is aimed at one or several super monopolists, such as AT&T, IBM, Microsoft, etc., which can optimize the living space, competitive environment and increase development opportunities of other enterprises in the industry.


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