As the crackdown on top homegrown technology majors by the Chinese government continues, the Chinese central bank governor Yi Gang has indicated that Beijing has no plans to relent.
“China will continue to curb monopolistic behaviours of internet platform companies and strengthen the protection of consumer privacy and data security,” central bank governor Yi Gang said.
According to Gang, the central bank will work with anti-monopoly authorities to prevent firms from abusing dominant market positions and actively deal with new monopoly problems. The statement comes after Yi held a meeting of the Bank for International Settlements.
Gang further elaborated that China will implement regulations that require platform companies engaged in the financial business to establish financial holding companies.
The Chinese communist government has launched a regulatory crackdown on a broad range of industries, leaving startups and decades-old firms alike operating in a new, uncertain environment.