China’s market regulator sought input from the country’s tech giants on proposed rules designed to curb anti-monopolistic practices and better-protect consumer interest, The Wall Street Journal (WSJ) reported.
The State Administration for Market Regulation said the draft rules aimed to crack down on practices including pricing items below cost, using data and algorithms to offer different prices to different consumers, and taking advantage of market power to restrict sales on rival platforms, the newspaper wrote.
Along with internet regulators and the State Taxation Administration, the watchdog recently held meetings with tech companies including Alibaba, Tencent and e-commerce platform JD.com.
The regulator proposed establishing a review system to monitor internet companies to prevent abuse of market power. It could force companies to sell assets, technologies or intellectual property if breaches occur, WSJ stated.
Authorities recently suspended an IPO by Alipay parent Ant Group less than 48 hours before trading was set to begin over regulatory concerns.
Ant Group cited changes in fintech regulations as among several factors which may have caused it to not meet listing requirements.Subscribe to our daily newsletter Back