China Delivery, Ride-hailing Firms to Take Care of Workers

China Delivery, Ride-hailing Firms to Take Care of Workers

Government officials in China on Friday urged leading delivery and ride-hailing companies in the country to better protect their workers. The firms were told to improve how they distributed incomes and make sure that workers are provided rest periods. This was part of the Chinese government’s regulatory moves. 

According to a statement posted by the Ministry of Human Resources and Social Security, the officials delivered that message during a meeting with Meituan, Didi Global, Alibaba (NYSE:BABA) Group’s and Tencent Holdings (OTC:TCEHY), among others.

The meeting was organized for the delivery platforms to guarantee their workers receive income above minimum pay levels.  

Chinese regulators have criticized this year its biggest technology firms for policies that exploit workers and infringe on consumer rights. Moreover, state media has criticised Didi for not paying drivers fairly. 

Gaming and Entertainment

The regulators have also targeted the gaming and entertainment industries. On Wednesday, Tencent and NetEase (NASDAQ:NTES) were summoned to a meeting. The two gaming firms were told to enforce new industry rules and shift focus away from revenue and traffic growth.

At a meeting on Thursday, the Ministry of Culture and Tourism of China told local administrators and public cultural institutions to fully implement requirements on the entertainment industry, reports said.

Last week on Thursday, China ordered broadcasters to shun artists with “incorrect political positions” and “effeminate” styles. It also said a patriotic atmosphere was needed to be cultivated. The move was widening a crackdown on the country’s entertainment industry.

China Launches Wealth Management Product Pilots 

Meanwhile, in other news, China’s banking and insurance regulator on Friday said it will launch wealth management product pilots in four cities. They are aimed at retail investors wanting to boost their retirement savings. 

Wealth management units of the Industrial and Commercial Bank of China, China Construction Bank (OTC:CICHF), China Merchants Bank, and China Everbright (OTC:CHFFF) Bank will sell the products. 

A statement from the China Banking and Insurance Regulatory Commission (CBIRC) said the pilot products will last for a year starting from Sept. 15. Each institution involved can raise up to 10 billion yuan ($1.6 billion) of products. 

The government is encouraging both public and private sectors to get involved. 

The cities where pilots will be launched are the central city of Wuhan, eastern coastal city Qingdao, western city Chengdu, and southern city Shenzhen.