China to foster commodity markets, develop platform economy

BEIJING — China will facilitate the development of platform economy by fostering a batch of 100-billion-yuan ($15 billion) commodity markets by 2020.

Through the development of platform economy, China aims to build a commodity circulation system that fits the modern economic system, said a guideline jointly released by the Ministry of Commerce (MOC) and 11 other departments.

The platform economy is economic and social activity facilitated by platforms. Such platforms are typically online matchmakers or technology frameworks.

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

The guideline specifies 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 with different sectors and regions.

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