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Deepti Sri · · 1 min readReport: China to go after tech giants that have amassed data, market power
“China’s top leader warned that Beijing will go after so-called ‘platform’ companies that have amassed data and market power, a sign that the months-long crackdown on the country’s internet sector is only just beginning,” reported Bloomberg.
Details:
- President Xi Jinping asked Chinese regulators to increase scrutiny on internet companies, develop data security, and regulate financial activities.
- Chinese regulators were also asked to take action against monopolies, promote fair competition, and put a stop to the disorderly expansion of capital.
Context:
- This meeting, where the remarks were made, include the presence of top Chinese officials along with regulators and usually sets the tone of national policy. The “platform” companies the president referred to could include mobile and tech giants such as Didi Chuxing, food delivery firm Meituan, and ecommerce company JD.com.
- The development comes after China’s market regulator said it would reportedly launch new rules this year to clarify the responsibilities of platform companies involved in online transactions.
Editing by Collin Furtado and Jaclyn Tiu
(And yes, we’re serious about ethics and transparency. More information here.)
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