OMM Newsroom
China is strengthening the ruling Communist Party’s oversight of technology companies, internet platforms and digital finance. The broad initiative aims to combat corruption and tighten control over the rapidly changing digital economy.
According to AnewZ, a resolution adopted on October 29 at the Fifth Plenum of the 20th Central Committee of the Communist Party of China and published in full by Xinhua on November 1 calls for stronger party organizations on digital platforms and in high-tech companies, as well as tighter oversight of the use of public powers.
The document also proposes establishing a digital disciplinary inspection system and a big-data platform to monitor public officials.
Party oversight of technology companies to be strengthened
The resolution calls for strengthening party organizations in internet companies and changing the rules governing their operations. The measures could expand oversight of businesses that are important to China’s digital economy.
Using technology to uncover increasingly complex corruption cases is identified in the document as a key priority. Authorities are tasked with investigating illegal activities involving the internet, virtual currencies, cross-border capital flows and blockchain technology.
The resolution also calls for investigating concealed corruption, including assets held in the names of third parties, deferred payments for services rendered and business ties retained by officials after leaving office.
The financial circumstances of officials and their family members will face closer scrutiny. Plans include investigating cases in which wealth or spending is significantly higher than lawful income, as well as tightening oversight of businesses run by officials’ spouses and children.
Cryptocurrency restrictions remain in force
Although China is expanding its digital economy, it maintains strict restrictions on private cryptocurrency activity. Authorities have repeatedly warned about the risks of virtual currency speculation. A sweeping regulatory crackdown in 2021 made cryptocurrency transactions illegal.
The new resolution does not introduce additional trading bans; it does not specifically mention Bitcoin, stablecoins or cryptocurrency mining. Instead, it describes virtual currencies and blockchain technology as tools that could be used to conceal or facilitate corruption.
The document also outlines plans to expand data-driven monitoring within the Party’s disciplinary system. New digital oversight platforms are intended to help investigators detect violations, trace financial ties and examine how public officials exercise their powers.
The resolution is part of Xi Jinping’s broader initiative to strengthen party discipline, combat corruption and tighten oversight of officials. It formally establishes “Xi Jinping Thought on Party Building” as a guiding framework for the Party’s governance.
No detailed timeline for implementing the decision has been announced. The resolution signals a further expansion of Communist Party oversight across China’s technology sector and digital finance system.
