Becoming the Giant of Digital Economic Market, China Tightening Trade Regulations in Its Country

JAKARTA - Imported goods from China are flooding Indonesian social media at the moment. This condition has become a big issue for the government. This is because the presence of imported products from the Bamboo Curtain Country is considered to be able to kill domestic producers.

Even though China currently dominates the world's digital market, Minister of Cooperatives and SMEs (Menkop UKM) Teten Masduki said that the country led by Xi Jinping actually has quite strict rules regarding its digital economic trading system.

In fact, said Teten, China's digital market is dominated by local products from that country. Meanwhile, local products are selected very strictly.

“The digital economy in China is 90 percent controlled by domestic, foreign is only 10 percent. "Because they regulate it so strictly," explained Teten in a working meeting with Commission VI of the House of Representatives (DPR), Tuesday, September 12.

Teten said China is one of the countries that has succeeded in accelerating digital and giving birth to a new economy, namely the digital economy. However, it continues to strictly protect the domestic market.

"So the digital economy doesn't kill the old economy, that's important," he said.

In fact, continued Teten, China has also separated online trading platforms from social media. For example, TikTok, said Teten, is a social media platform and a trading platform separated.

“We imitate the Chinese model. Well, in China, digital platforms cannot be monopolies, social media is regulated, social media is regulated, trade is trade, they are separated. "TikTok itself in China is separated between social media and shops, but in Indonesia it's allowed, who's stupid?" he said.

Teten regrets that in Indonesia there are no regulations regarding this. In fact, said Teten, if it is not immediately regulated the digital economy could become a threat to the Indonesian economy.

"Therefore, if we do not immediately regulate this digital economy, this could be a threat to the domestic economy. "So this digital transformation can kill the old economy," he explained.