China summons Internet firms to warn over unfair competition
Financial regulators in สมัครเล่นสล็อตออนไลน์ แจกเครดิตฟรีทุกวัน China summoned 13 Internet
companies on Thursday (Apr 29) to call for changes to their fintech operations, the central
bank said in a notice, as Beijing ramps up scrutiny on monopolistic practices in the country's
tech industry.
Regulators have been taking China's tech firms to task to curtail the reach of private
companies into the public's daily finances, with 34 major companies already warned earlier
this month to abide by anti-competition guidelines.
That group, which included Chinese search engine Baidu and gaming giant Tencent, was told
to heed the case of Alibaba, after the e-commerce giant was hit with a record US$2.78 billion
fine by China's market watchdog for abusing its dominant market position.
Those summoned by financial regulators on Thursday again included Tencent and TikTok
parent ByteDance, according to a notice on the Chinese central bank's website.
Others in the meeting included financial businesses affiliated with major brands such as
e-commerce giant JD.com, food delivery platform Meituan, ride-hailing company Didi and
travel platform CTrip.
The financial regulators present included the People's Bank of China, which is the country's
central bank, as well as the country's banking and insurance regulator.
Although Internet platform companies "played an important role in improving the efficiency
of financial services", the notice said, regulators cautioned of problems that needed to be
fixed.
For example, some businesses engage in "unfair competition", go beyond their scope of their
licence or have poor corporate governance.
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