China to adopt prudent regulations on new business models: Premier

Premier Li Keqiang said China will continue enacting prudent regulations to guide the development of the sharing economy and Internet Plus initiative, despite the growing pains both are experiencing.

Li said at a press conference in Beijing on Friday that the new economies are creating jobs, bringing convenience to people, and driving new investment opportunities in China.

No arbitrary regulation or oversight will be enforced on new business models, because what is known about new things is always far less than what is unknown, and they should be given a chance to grow, Li said.

By adopting prudent regulations, the government draws a clear bottom line on public security and safety, while making efforts to build a sound market for all enterprises, he said.

As part of China's broader push to nurture innovation and speed up the growth of emerging industries, Li said that this year the average broadband service rates for small and medium enterprises will be lowered by another 15 percent.

The average rates for mobile internet services will be further cut by more than 20 percent, he said.

According to Li, increased efforts will be made to bring the Internet Plus initiative to all industries and sectors.

China will improve networks for distance education and telemedicine, and expand the capacity of mobile telecommunications base stations, he said.