China's market regulator signs agreements with 7 regions and 8 platforms to support individual businesses
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On September 17, under the guidance of China's State Administration for Market Regulation (SAMR), market regulation authorities from seven provinces and municipalities—Inner Mongolia, Jiangsu, Zhejiang, Shandong, Guangdong, Chongqing, and Sichuan—signed a Framework Agreement on Cooperation to Promote the Development of Individual Businesses with eight platform enterprises, including 1688, Douyin Life Services, Kuaishou, Meituan, Taobao Flash Purchase, Taotian Group, Xiaohongshu, and Alipay. The agreement aims to implement central government directives on promoting win-win development among platform enterprises, operators, and workers, and to provide targeted assistance to individual businesses. It establishes communication and work advancement mechanisms focusing on startup support, key cultivation, capacity building, digital empowerment, and innovation demonstrations. Both parties stated they will use the agreement to strengthen exploration and innovation, promote complementary advantages and resource integration, and empower the online business development of individual businesses at scale, setting examples for broader implementation.
Source report
Framework Agreement Signed to Boost Development of Individual Businesses
Beijing, September 19 — On September 17, under the guidance of the State Administration for Market Regulation (SAMR), market regulation authorities from seven provinces, autonomous regions, and municipalities—Inner Mongolia, Jiangsu, Zhejiang, Shandong, Guangdong, Chongqing, and Sichuan—jointly signed the Framework Agreement on Cooperation to Promote the Development of Individual Businesses.
The agreement was signed in collaboration with the National Individual Business Development Network and eight platform enterprises, including:
- 1688
- Douyin Life Services
- Kuaishou
- Meituan
- Taobao Flash Purchase
- Taotian Group
- Xiaohongshu
- Alipay
Objectives and Focus Areas
The agreement aims to fully implement the decisions and deployments of the CPC Central Committee and the State Council, specifically regarding:
- Promoting win-win development among platform enterprises, operators within platforms, and workers.
- Providing targeted assistance to individual businesses based on their type and category.
It seeks to deepen cooperation and alignment between market regulation departments and platform enterprises, using practical measures to support the online business development of individual businesses.
Under the agreement, both parties will establish communication, consultation, and work advancement mechanisms. Key areas of focus include:
- Startup support
- Key cultivation
- Capacity building
- Digital empowerment
- Innovation demonstrations
The goal is to generate collaborative outcomes that benefit a broad range of individual businesses.
Commitment to Innovation and Scale
Both parties unanimously stated that the signing of the framework agreement marks an opportunity to:
- Continuously strengthen exploration and innovation.
- Promote complementary advantages and resource integration.
- Empower the online business development of individual businesses at scale and with substantial impact.
- Set examples and create experiences for advancing this work over a wider scope.
Source: China Securities Journal · CS.com.cn
Source
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China market regulators and eight platforms sign pact to support individual businesses