China changes the rules for its technology: it will create a new stock market and wants to facilitate its expansion by adapting to international rules
China wants to depend less on the technology of other countries and, at the same time, better export digital products and services that are developed in its country. And it is even willing to change some of its own legal rules to achieve it.
Chinese President Xi Jinping wants the digital products and services that are developed in the country can be better exported on an international level. To achieve this, it has announced several measures.
In a speech delivered at an event called the “2021 Global Services Trade Summit,” Xi advanced that China will change the regulations for the service sector, which will mean that they are more in line with international standards.
China wants “share your technological development achievements with the world“, In the words of the Chinese president, so he wants to create opportunities for the development of trade in services with all countries.
“We will create more possibilities for cooperation by increasing support for the growth of the service sector in the Belt and Road partner countries and sharing China’s technological achievements with the rest of the world,” Xi said.
The Chinese president assures that the delivery of digital services is an opportunity for China and has described it as “a key component of international trade.” In his speech, he assured that this industry “has an important role to play in the promoting a new development paradigm“And promised to work with all parties involved to” maintain openness, cooperation, mutual benefit and opportunities in the growth of trade in services. “
Measures with which, he assures, will promote global economic recovery and growth.
The country’s president has also pledged to create “digital trade demonstration zones“The challenge is for companies to show how they do these digital services.
However, it remains to be seen what exactly these zones consist of and what they will offer. The president also has not offered any further details on the technology China plans to share with the world.
Of course, he has advanced that the government of the country proposes a reform of the norms that govern the service sector, “supporting Beijing and other localities in the testing of the alignment of national rules with those of international agreements high-level free trade ”, he emphasized.
New stock market
Another announcement made by the Chinese president is the opening of a new stock exchange in Beijing. This stock market is specially designed for “support the innovation-driven development of small and medium-sized enterprises“.
The government also wants this Beijing Stock Exchange to become the main platform for innovative SMEs in the country.
This measure, which will allow Chinese technology companies to find financing, contrasts with some of the latest decisions that the country’s government has also made, limiting the possibilities of some of its large technology companies.
Among these limitations, was ending unfair competition and limiting the use that companies make of data of the users.