China’s e-commerce crackdown puts tech giants in line with national policy – South China Morning Post
Summary
Four days later, SAMR released its draft antitrust guidelines to rein in internet-based monopolies. It signalled policymakers’ heightened concerns over the growing power, influence and risks of digital platforms and their market practices in the economy. Monopolistic practices by internet platforms, such as demanding vendors to transact only on one platform exclusively, or providing differentiat…….
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Four days later, SAMR released its draft antitrust guidelines to rein in internet-based monopolies. It signalled policymakers’ heightened concerns over the growing power, influence and risks of digital platforms and their market practices in the economy. Monopolistic practices by internet platforms, such as demanding vendors to transact only on one platform exclusively, or providing differentiated prices to customers based on their shopping history and profiles, are to be outlawed, according to the guidelines.
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Tightened regulations among key trends shaping China’s internet in 2021
That marked the first time the country’s market regulator attempted to define what constitutes anticompetitive practices among internet companies under the law. The announcement immediately resulted in about US$102 billion of market value erased from Tencent, Meituan and Alibaba, owner of the South China Morning Post.
SAMR flexed its muscles early this month, slapping fines of 500,000 yuan each on Alibaba, Tencent-backed China Literature and Shenzhen Hive Box for not properly reporting past acquisitions for clearance. E-commerce giant Alibaba’s case involved past equity investments in major Chinese mall operator Intime. Although these firms failed to seek regulatory clearance, the deals were not deemed to be “excluding or restricting market competition”, so a fine, rather than a break-up, was ordered, according to the regulator.
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China kicks off antitrust probes into Alibaba over alleged monopolistic practices
Early this month, SAMR head Zhang Gong said the agency’s 2021 agenda was to tighten antitrust …….