Chinese President Si Jinping decided to strengthen the supervision of the so-called “platform” companies. This is a sign that Beijing will continue to take tough measures against the country’s technological giants, writes CNBC.
under the “platform” are understood by technological companies engaged in anything, from social networks to e-commerce. China Chapter noted that it is necessary to speed up the improvement of laws in order to fill the gaps and loopholes in the rules for such enterprises in a timely manner.
The authorities believe that regulatory authorities should prevent monopoly, contribute to fair competition, stop the disorderly increase in capital and create a “data ownership system”. IT giants have accumulated a huge amount of data and obtained too much market power, said Xi Jinping.
Chinese authorities have already chosen a new victim after the war with Ant Group (Alibaba’s daughter) Jack Ma. Now the PRC will warp on TENCENT Conglomerate. According to Reuters, the claim aroused the purchase of an educational online service YUANFUDAO in 2018.
Prior to this, the Chinese authorities warned with the Ant Group, the company did not allow to go out on the IPO. The cause of hostility could be an investigation into possible beneficiaries of the transaction.