The EU Digital Services Act, which comes into force on Friday, will lead to big changes in how the internet giants, such as Google, Facebook, Twitter and Apple, operate in the European Union.

Under the DSA, which is basically a strict set of rules designed to keep users safe online and stop the spread of harmful content, the biggest platforms will have to identify and assess potential systemic risks and whether they're doing enough to reduce them. These risk assessments are due by the end of August and then they will be independently audited.

For too long, how to exercise effective supervision over these digital behemoths to better protect public interests, while ensuring healthy market competition without thwarting their pursuit of technological innovation, has been a challenge to governments.

It is good to see that some platforms, which could face daunting fines if they don't comply, have already started making changes to adapt to the new regulatory landscape in the EU.

The DSA touches upon some core but sensitive issues concerning the profit and marketing models of these companies that have long infringed upon users' legal rights and interests. For example, the digital track records of users concern the latter's privacy, according to the act, rather than being properties of the companies.

Many people pin high hopes on the act becoming a milestone in the administrative authorities' exploring of effective regulation of the internet companies worldwide. Although it will have to be revised in the future to keep up to date with new technology and its application, it is certainly a meaningful beginning. The act can provide a valuable reference for lawmakers and policymakers in many less-developed countries, who have complained of the difficulty in regulating the mighty platform companies for a long time.

As the country with more than 1.05 billion network users, the largest in the world, China also faces similar challenges in its cyberspace governance. It is suggested that Chinese policymakers draw what lessons they can from the DSA to enable the country's regulation of the platform companies to better align with international practice, and strike a balance between protecting public interests and encouraging competition and innovation.