In its brief description of the planned features of the regulatory platform, CFDA used terms such as “data sharing,” “business collaboration services” and “exchange services.” A fuller description of the platform is yet to emerge, but these terms suggest the platform will allow CFDA and the businesses it regulates to conduct a greater proportion of interactions online. Other regulators, notably India’s CDSCO, see the move to online interactions making processes more transparent and consistent.
CFDA framed its decision to set up the platform as part of a strategy initiated by the government in its latest Five Year Plan. The strategy is called the “innovative, coordinated, green, open and shared development model,” a broad term that has made its revised way of thinking applicable to a wide range of industries and organizations, including CFDA. Faced with this pressure from the government, CFDA put the platform plan out to tender.
AsiaInfo, a 23-year-old telecommunications and IT company, has won the contract and will receive RMB 360,000 ($54,000) to develop the platform, something CFDA anticipates will take five months. CFDA is yet to release guidance outlining how the implementation of the platform will affect the companies it regulates.
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