China to develop platform economy in 2020

The country is aiming to build a commodity circulation system that fits the modern economic system.

China is set to develop a platform economy by fostering a batch of CNY100b commodity markets in 2020, according to the guideline jointly released by the Ministry of Commerce (MOC) and 11 other departments.

The development of the platform economy will reportedly benefit the upgrade of industry and consumption, as well as serve the supply-side structural reform and promote the establishment of a strong domestic market.

“Zall Smart Commerce Group will ride on this country's development of platform economy and further develop its businesses,” the parties said.

Through the development of platform economy, China aims to build a commodity circulation system that fits the modern economic system, the announcement revealed. The guideline specifies the requirements for the development of platform economy, including encouraging commodity markets to adapt to the demand of the digital economy and promoting the connectivity of commodity markets in different sectors and regions.

Preferential policies in land, development of credit system and financing services will be released to consolidate commodity markets for the development of platform economy, according to the guideline.