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China increases scrutiny over internet-based companies: Reports

The Chinese government is cracking down on monopolies by "platform" companies and increasing oversight into them. The country's president Xi Jinping, after a meeting with the Chinese Communist Party's financial and advisory coordination committee, ordered regulators to step up oversight to promote competition, reported Bloomberg, citing state broadcaster CCTV. The term "platform company" can refer to several of the internet-based companies that have  come up in China in the past decade or so, such as e-commerce companies JD.com, Pinduoduo and food delivery company Meituan. According to the CCTV report, the platform companies were operating in "non-standardized" ways that poses risks. "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 the minutes of the officials' meeting, according to CCTV. These companies will also have to enhance…

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