wordpress blog stats
Connect with us

Hi, what are you looking for?

, ,

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 data security and their financial activities will come under regulatory supervision. Additionally, Reuters has reported that the Chinese government will launch rules for companies involved in online transactions, signalling greater due diligence by the companies, and increased supervision by regulators. Wei Lu, an official in the country's competition regulator State Administration for Market Regulation (SAMR) told Xinhua News Agency that the regulator would adopt powerful "supervision methods" to clear up problems in the online market. Wei reportedly said that the regulator will accelerate the construction of a system to collect online transaction information in real time for better monitoring and coordination. The government could issue "administrative guidance" to companies on…

Please subscribe/login to read the full story.
Written By

Free Reads

News

Google is currently undergoing the necessary procedures for the leasehold land, which is presently under the ownership of the Maharashtra Industrial Development Corporation.

News

The pilot project for which is being launched in 19 cities this year, with a plan to launch a full-fledged rollout next year.

News

Using Google Photos the Israeli Army enhanced the facial recognition technology of Corsight AI which was made to identify Hamas associated people

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ