Alibaba CEO says China’s draft anti-monopoly rules ‘timely and necessary’

China’s move to draft rules aimed at preventing monopolistic behaviour by internet platforms is “timely and necessary”, Alibaba Group CEO Daniel Zhang said on Monday.

Speaking at the World Internet Conference, Zhang said Chinese internet companies have moved to the forefront of the global industry with the help of government policies, but regulations need to evolve.

The industry’s “development and government supervision is a relationship that promotes and relies on each other, so that platform enterprises cannot only develop well themselves, but also serve the sustainable and healthy development of the whole society,” he said.