SHANGHAI : China's regulatory crackdown is being waged to build a prosperous market economy and criticism from the United States and the West that it is taking"a backward step" are smears, state-backed tabloid Global Times said on Tuesday
The Global Times is published by the People's Daily, the official newspaper of the Chinese Communist party. "Such economic governance is not new to the world, but Western media outlets have kept pinning political labels on China's relevant practices, cursing China to fail," the op-ed read. China has imposed a flurry of regulations and penalties over the past year, affecting sectors ranging from gaming to education to e-commerce and rattling domestic and foreign investors.
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