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Doris Yu · · 1 min readChinese regulator proposes anti-monopoly rules against internet giants
The draft, which was issued by China’s State Administration for Market Regulation, aims to prevent monopoly and unfair competition.
It looks to fight against behavior such as price discrimination among consumers, compulsory collection of user data, and rules that prevent brands from selling on different marketplaces.
The new rules may have an impact on ecommerce platforms such as Alibaba’s Taobao, JD.com, and Pinduoduo, and online payment platforms including Ant Group and Tencent’s WeChat Pay, as well as food delivery platform Meituan Dianping.
The development comes just one day before China’s shopping festival, which is scheduled on November 11.
Earlier this month, China’s regulators held talks with Alibaba’s affiliate Ant Group regarding the new draft rules for online micro-lending. Following that, the fintech company’s IPO on the Shanghai Stock Exchange was halted and its listing in Hong Kong suspended.
Edited by Collin Furtado
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