Tuesday, November 30, 2021

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China fines tech giants for failing to report 43 old deals

china-tech giants

China fines tech giants for failing to report 43 old deals

Beijing, Nov 20 (Prensa Latina) China´s market regulator on Saturday said it was imposing fines of 500,000 yuan (,339) on different companies including Alibaba, Baidu, Tencent and e-commerce platforms such as JD.com and Suning for failing to declare 43 deals to authorities, saying they violated anti-monopoly legislations.
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Even though the amounts of fines were too slight, it showed China’s grit to regulate e-companies´ movements.

China recently launched a strategy with the objective for a new environment for e-companies in coming five years, governed by fair competition, transparency and legal principles. In this way, it is proposed to strengthen order, government-market-society relations and to curb any inappropriate behavior regarding economic activity.

The initiative provides for protection of the rights of each company, proposes expanding communication with private sector when regulations are reviewed or updated and nullifying the undue influence and monopolistic stances. ef/pll/msm/ymr

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