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China technology titans face new crackdown

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China technology titans face new crackdown
China technology: There are new anti-control rules that are introduced to China’s e-commerce titans on Sunday. This is because regulators try to crack down on anti-competitive behaviour.

Making unease

The rules suggest increasing worry in Beijing. For example, promoting the growing influence of digital platforms. These platforms are trying to stop China’s e-commerce monsters from growing. For instance, Alibaba and JD.com.They are trying to stop it from abusing dominant market position. Due to they account for roughly three-quarters of Chinese e-commerce.

Abundance users in China

Alibaba alone consists of nearly 900 million mobile monthly active users – more than half of China’s population.

China’s State Administration for Market Regulation (SAMR) wants to stop price-fixing, predatory pricing and unreasonable trading conditions.

Prevent exclusive deal

The new rules stop e-commerce platforms from forcing vendors to deal exclusively with them.

Besides, there is also a regulation which is restricting technologies and using methods to control the market.

China technology titans face new crackdown

The new rules stop e-commerce platforms from forcing vendors to deal exclusively with them

Rules on payment company

The rules will also apply to financial technology (fintech) and payments companies such as Tencent’s WeChat Pay and Ant Group.

SAMR said reports of anti-competitive behaviour have been increasing, and that it was facing challenges regulating the industry.

Fining on Vipshop

On Monday, SAMR announced it had fined online discount retailer Vipshop nearly US$500,000 (RM2 million) for unfair competition.

SAMR is also currently carrying out an antitrust investigation into Alibaba, following Ant Group’s decision to drop a planned US$37 billion sharemarket launch after regulators intervened.

The moves come as the EU and the US are also seeking to curb the power of internet giants.

 

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China’s tech titans face new anti-monopoly crackdown

 

 

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