Abstract: The rise of digital platforms is significantly changing the market structure. While disrupting the traditional market order, platforms are building new orders in their own ecosystems by leveraging technological capabilities. As a result, technology has created a new order that sustains the effective functioning of the market, in addition to the order maintained by spontaneous market force, administrative means and law. At the same time, with overwhelming technological advantages, some platforms have become “too big to regulate”, posing challenges to regulators around the world. Regulators need to explore new tools that accommodate the digital era, such as compliance supervision, classified regulation, technology regulation, balanced regulation, value-oriented regulation and agile regulation, in order to promote sound market operation, balance various interests, and maximize social benefits.
