Summary of Li Keqiang: “If We Had Stuck with the Old Ways of Government Regulation, There Would Be No WeChat!”

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Li Keqiang: “If We Had Stuck with the Old Ways of Government Regulation, There Would Be No WeChat!” summary
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The emergence of WeChat and shared bikes has not only changed how Chinese people communicate or get around; it has also created new channels for capital exchange. Business models that are new for China benefit from more efficient flows of information and money, but also pose new regulatory challenges and security concerns. As Fu Cong, who writes for China’s official government website, relays, Li Keqiang, China’s Premier of the State Council, believes that the government should prudently nurture the sharing economy by putting new legislative guidance in place. In China, businesses pay careful attention to the words expressed by government leaders. These statements from the top aren't just personal opinions, but signals of where the administration stands and whether upcoming policies will be friendly or hostile toward the industry in question. Many corporations take these statements as an indication how the wind blows and change tack accordingly. Although the article is lacking in terms of style and depth, getAbstract recommends it to trend watchers and entrepreneurs who covet a slice of the growing pie.

In this summary, you will learn

  • What Li Keqiang, China’s Premier of the State Council, thinks of WeChat and the sharing economy, and
  • What measures he believes the government should take.
 

About the Author

Fu Cong is a reporter for the official electronic communication platform of the State Council of the People’s Republic of China, which offers information about the Chinese government.

 

Summary

When Internet giant Tencent launched WeChat in 2011, the Chinese government was on the fence about the new app, keeping a keen eye on its impact on society. WeChat has since become a handy tool that people have come to depend upon in their daily lives, but which also generates jobs and new lines of work. It’s not perfect, but the upsides outweigh the downsides.

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