The News of Us
  • Home
  • Business
  • Politics
  • Science and Technology
  • Health
  • Subscribe Us
No Result
View All Result
The News of Us
  • Home
  • Business
  • Politics
  • Science and Technology
  • Health
  • Subscribe Us
No Result
View All Result
The News of Us
No Result
View All Result

Xi Jinping Warns Against Tech Excess in Sign Crackdown Will Widen

admin by admin
March 16, 2021
in Politics

Xi Jinping

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.

President Xi Jinping on Monday chaired a meeting of the communist party’s top financial advisory and coordination committee, ordering regulators to step up oversight of internet companies, crack down on monopolies, promote fair competition and prevent the disorderly expansion of capital, according to state broadcaster CCTV. Internet companies need to enhance data security and financial activities need to come under regulatory supervision, CCTV also reported.

The unusually strongly worded comments from Xi and his lieutenants suggest Beijing is preparing to amplify a campaign to curb the influence of its largest and most powerful private corporations, which has so far centered mainly on Jack Ma’s Alibaba Group Holding Ltd. and its affiliate Ant Group Co. The term platform economies could apply to a plethora of mobile and internet giants that offer services to hundreds of millions, from ride-hailing behemoth Didi Chuxing to food delivery giant Meituan and e-commerce leaders like JD.com Inc. and Pinduoduo Inc.

“Some platform companies are developing in non-standardized ways and that presents risks,” CCTV said, citing minutes of the meeting. “It is necessary to accelerate the improvement of laws governing platform economies in order to fill in gaps and loopholes in a timely fashion.”

Read more: China Presses Alibaba to Sell Media Assets, Including SCMP

The report came days after Bloomberg News reported that governments watchdogs were now setting their sights on Tencent Holdings Ltd.’s $100 billion-plus finance empire after ordering an overhaul of Ant. Top financial regulators see Tencent as the next target for increased supervision, according to people with knowledge of their thinking. Like Ant, Tencent will probably be required to establish a financial holding company to include its banking, insurance and payments services, said one of the people, seeking anonymity as the discussions are private.

The two firms will set a precedent for other fintech players on complying with tougher regulations, the people added. Such a move would mark a significant escalation in China’s campaign to curb the influence of its technology moguls, which began last year with the scuttling of Ant’s $35 billion initial public offering and the publication of new antitrust regulations governing technology firms.

Read more: China’s Politburo Vows to Strengthen Anti-Monopoly Efforts

Tencent lost more than $65 billion of value in the two days following the report, though its shares were up more than 1% on Tuesday.

The development of China’s platform economy is currently at a crucial stage, Xi said at Monday’s meeting. It is necessary to focus on the long term, strengthen weaknesses and create an innovative environment to promote the healthy and sustainable development of the platform economy, he added.

The semi-regular meeting of the Party’s top financial supervisory group typically helps to set the tone and direction of national policy. During their last gathering in September, Xi focused on the so-called “dual circulation” approach of relying on both international and domestic consumption and production to lift the economy.

[Read More…]

Previous Post

Cosmic rays reveal tsunamis and waves

Next Post

Elon Musk Files Paperwork to Be Called the ‘Technoking of Tesla,’ CFO Named ‘Master of Coin’

Related Posts

Politics

Bipartisan group of senators presses forward on U.S. policing reform talks

Politics

The Real Migration Crisis Is in Central America

Politics

Putin’s Rules of the Game

Politics

Protecting American Democracy Is No Crime

Politics

Biden administration waives rule for disabled borrowers, but advocates say much more could be done

Politics

Biden to push another coronavirus recovery bill on top of $1.9T package: Psaki

Next Post

Elon Musk Files Paperwork to Be Called the ‘Technoking of Tesla,' CFO Named ‘Master of Coin’

Follow us for latest Business News | Political News | Science & Technology News | Health News.

Subscribe Us

By clicking subscribe, I authorize: (1) The News Of Us to use and share my information in accordance with its Terms of Service and Privacy Policy, and (2) The News Of Us or third-party companies, including The News Of Us’s business partners, to contact me by email with offers for goods and services at the email address provided. Please note that the information you have provided to us may be supplemented with additional information obtained from other sources.

© 2021 The News of Us, - All Rights Reserved.

  • Subscribe Us
  • Contact Us
  • Unsubscribe
  • Privacy Policy
No Result
View All Result
  • Home
  • Business
  • Politics
  • Science and Technology
  • Health
  • Subscribe Us

© 2021 The News of Us, - All Rights Reserved.