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HomeNewsPolicyCrackdown on Chinese tech majors to continue: Chinese central bank governor Yi Gang

Crackdown on Chinese tech majors to continue: Chinese central bank governor Yi Gang

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The Chinese central bank will work in tandem with anti-monopoly authorities to prevent firms from abusing dominant market positions

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As the crackdown on top homegrown technology majors by the Chinese government continues, the Chinese central bank governor has indicated that Beijing has no plans to relent.

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.

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Tech Observer Desk
Tech Observer Desk at TechObserver.in is a team of technology reporters led by a senior editor who brings latest updates and developments from the world of technology.
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