China says move to curb disorderly expansion of capital has shown initial results- state media

FILE PHOTO: Workers labour at a construction site in Shanghai, China July 12, 2021. Picture taken July 12, 2021. REUTERS/Aly Song/File Photo

BEIJING (Reuters) -China’s move to curb disorderly expansion of capital has shown initial results, state media quoted a top-level meeting as saying on Monday.

Since late 2020, Beijing has been advocating “the prevention of disorderly expansion of capital”, kicking off a clampdown on tech giants and private education firms.

The campaign has been focused on preventing “savage growth” of some platform companies in a bid to deal with their monopolistic and unfair competition behaviors, state media said.

“Initial results have been achieved in preventing disorderly expansion of capital, and the fair market competition order has been steadily improving,” state media quoted the meeting on deepening reforms, chaired by President Xi Jinping, as saying.

China will pay equal attention to supervision of companies and their development, guiding firms to support the country’s overall economic and social development, stte media quoted the meeting as saying.

China will improve its market access system and fair competition supervision system for the digital economy, it said.

China will improve management of state reserve systems and build a unified strategic and emergency material reserve system, state media added.

Reporting by Kevin Yao and Beijing newsroom; Editing by Toby Chopra