Caixin
Nov 12, 2020 03:56 PM
FINANCE

Former Central Bank Boss Warns of Tech Monopolies

What’s new: Internet and tech giants who hold a lot of data and dominate markets are prone to creating monopolies that restrain fair market competition, Zhou Xiaochuan, a former governor of China’s central bank, said Tuesday at a forum in Macao.

Zhou said technological innovation brings new momentum to the global economy, but can also pose huge challenges for social and global governance.

What’s the background: China is making revisions to its Anti-Monopoly Law for the first time in 12 years to give it more teeth and rein in the dominance of internet goliaths.

On Tuesday, the country’s top market regulator issued draft rules aiming to prevent and curb monopolistic practices on internet platforms.

The proposed regulations came after a regulatory meeting (link in Chinese) on Friday that said internet platforms should not abuse their dominant position to force merchants to choose between platforms.

Read more: China Drafts New Guidelines to Rein in Internet Platforms

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.

Contact reporter Tang Ziyi (ziyitang@caixin.com) and editor Marcus Ryder (marcusryder@caixin.com)

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