China says crackdown on business to go on for years

The Chinese government has unveiled a five-year plan outlining tighter regulation of much of its economy. It says new rules will be introduced covering areas including national security, technology and monopolies in the world's second largest economy. The plan comes soon after Beijing started targeting the technology and education industries.

The document references Chairman Mao as China celebrates the 100th anniversary of the nation's Communist Party. The 10-point plan, which runs to the end of 2025, was released jointly late on Wednesday by China's State Council and the Communist Party's Central Committee. It said laws will be strengthened for "important fields" such as science and technological innovation, culture and education The plan also said the Chinese government aims to tackle monopolies and "foreign-related rule of law".

Regulations relating to China's digital economy, including "internet finance, artificial intelligence, big data, cloud computing etc." will also be reviewed. The announcement raised fresh concerns that Beijing's crackdown on technology and private education companies is set to continue and expand in years to come.

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