Don’t give up on China’s goal of curbing technology monopolies, Governor cbank

Texas News Today

FILE PHOTO: The Chinese flag is seen in Beijing, China on April 29, 2020. Reuters / Thomas Peter / FILE PHOTO

10 October 2021

BEIJING (Reuters) – China will continue to curb monopolistic behavior of Internet platform companies and strengthen protection of consumer privacy and data security, Central Bank Governor Yi Gang said.

Li told the Bank for International Settlements meeting on Thursday that the central bank would work with antitrust authorities to prevent companies from abusing their positions in key markets and actively address new monopoly issues. where did it go.

According to Li’s speech posted on the central bank’s website, China will implement regulations that require platform companies engaged in financial business to set up financial holding companies.

China has initiated regulatory action against a wide variety of industries, operating start-ups and decades-old companies, even in a new and uncertain environment.

(Reporting by Kevin Yao, Edited by Muralikumar Anantharaman)

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