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No Let up in China’s Aim to Curb Tech Monopolies: PBoC Chief

Governor Yi Gang says nation won’t relent in crackdown that’s already snared Alibaba unit Ant Financial

China CPTPP bid
The Chinese national flag is seen flying in Beijing, China. Photo: Reuters

China will continue to curb monopolistic behaviour among internet platform companies and strengthen the protection of consumer privacy and data security, central bank governor Yi Gang said.

The People’s Bank of China (PBoC) will work with anti-monopoly authorities to prevent firms from abusing dominant market positions and actively deal with new monopoly problems, Yi said at a meeting of the Bank for International Settlements on Thursday.

China has launched a regulatory crackdown on a broad range of industries, leaving startups and decades-old firms alike operating in a new, uncertain environment. Among them, Ant Financial – the fintech arm of e-commerce giant Alibaba – was fined and forced to abandon a dual listing in New York and Hong Kong that would have been a record IPO.

China will implement regulations that require platform companies engaged in financial business to establish financial holding companies, according to Yi’s speech published on the central bank’s website.

 

• Reuters with additional editing by Mark McCord

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Mark McCord

Mark McCord is a financial journalist with more than three decades experience writing and editing at global news wires including Bloomberg and AFP, as well as daily newspapers in Hong Kong, Sydney and Melbourne. He has covered some of the biggest breaking news events in recent years including the Enron scandal, the New York terrorist attacks and the Iraq War. He is based in the UK. You can tweet to Mark at @MarkMcC64371550.

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