BEIJING — Chinese President Xi JinpingIn a speech given in December to top officials, he urged them to accelerate the development of new technology laws. This was according to the Chinese Communist Party bimonthly journal.

Even though the speech is very basic, it’s an indication that regulation won’t disappear. economists expect the worst of Beijing’s crackdown is over.

According to a CNBC translation, Xi stated that China should “accelerate legislation in the areas of digital economy and internet finance artificial intelligence big data cloud computing, etc.”

He also called for more laws to ensure national security, and urged increased use of law for “international struggles” — including countering foreign sanctions.

Xi spoke on Dec. 6, to China’s Central Politburo, a group of high-ranking leaders. It focused on broad theorizing points, such as not following Western systems blindly.

Global investors have been shocked by a series of rules that were introduced in the past year to address monopolistic tech company practices, data security, and other concerns. The regulations address long-standing problemsYet, they have disrupted business operations. prompted mass layoffs.

Mattie Bkink (China director, Economist Corporate Network) stated that she anticipates there to be continued developments in regulation especially with regard to technology. She mentioned that Beijing has already released plans for building an a. “Chinese socialist rule of law”By 2035

Bekink stated, “I think regulation is still a powerful tool for shaping the society and economy that China desires.”

She noted how law in the West tends to focus on the relationship between individuals and the state, while in China, the focus has been on commercial law — relationships between private sectors and the state.

Last week, economists found that there was no similar commentary to the official comments. worst of China’s regulatory crackdown is overBeijing is more focused on growth. However, they stressed that this does not mean the end of new rules or a reverse in policy.

“Xi puts a lot of emphasis on the use of law,” said Chen Long, partner at Beijing-based consulting firm Plenum. Chinese governments use a lot regulations for governance. Since he was 10 years old, it has been his dream to put a lot more regulations in law. This will give you a legal foundation for your policies.

Chen anticipates that there will be fewer surprises in tech regulation this year than last.

However, Xi stressed the importance of not reading too much into his speech. “This speech does not represent something brand new,” he stated, but rather a recap of the work they had done.

Beijing has already reacted to the question of China using law in order to counter international sanctions. passed such legislation in June.The law permits Beijing to seize assets and deny entry if the Chinese government considers that individuals or entities are involved in discriminatory actions against Chinese citizens.

“China wants to use law to protect its interests in relation to other nations, including both adding domestic authority and having a voice in shaping international law norms to better serve its interests — which I don’t think is unusual for a nation to do,” said Jeremy Daum, senior fellow at Yale Law School’s Paul Tsai China Center.

In certain areas such as algorithms,Beijing acts faster than most other countries and could even surpass the speed of other countries. set a global precedent,According to analysts,

Meanwhile on the political front, Chinese authorities have promoted their efforts to eliminate poverty and grow the middle class — a move away from prioritizing economic growth at all costs.

The shift was largely due to the fact that the Chinese Communist Party had just celebrated 100 years of existence on July 1. The party expects to award Xi a third unprecedented term as its president in the fall.