China Clampdown on Big Tech Puts More Billionaires on Notice – Big Tech Companies

China Clampdown on Big Tech Puts More Billionaires on Notice – Big Tech Companies: This rule immediatey restricts companiesfrom forcing sellers to choose between the leading online players.

The guidelines are aimed at Chinese heavyweights including e-commerce providers such as Alibaba Group’s Taobao and JD.com and mobile payment services like Ant Group’s Alipay or Tencent’s WeChat Pay.

Why is China clamping down on big tech?

Why is China cracking down on big tech? A wave of government regulations is being imposed on China’s digital sector, from gaming platforms to GDPR-like privacy regulations, to a draft regulation cracking down on recommendation algorithms.

Why is China cracking down on tech firms?

Coming out of the initial year of the coronavirus pandemic, Xi sees an opportunity to use China’s economic momentum to accelerate this competition.

In part, say China experts, the assault on his own technology sector is a grab for control over big data, a strategic asset in China’s showdown with America.

What is China doing to tech companies?

China has tightened regulation on its domestic tech sector in many areas, from data protection to antitrust, over the past year. The swift moves have caught international investors off guard, wiping billions of dollars off the value of the country’s giants.

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China fines tech giants over anti-monopoly violations

BEIJING — Chinese tech giants including Alibaba Group and Tencent Holdings were fined Saturday for failing to report corporate acquisitions, adding to an anti-monopoly crackdown by the ruling Communist Party.

The companies failed to report 43 acquisitions that occurred up to eight years ago under rules on “operating concentration,” according to the State Administration for Market Regulation. Each violation carried a penalty of 500,000 yuan ($80,000), it said.

Beijing has launched anti-monopoly, data security and other crackdowns on tech companies since late 2020. The ruling party worries the companies have too much control over their industries and has warned them not to use their dominance to gouge consumers or block entry to new competitors.

Other companies fined in the latest round of penalties include online retailers JD.com Inc. and Suning Ltd. and search engine operator Baidu Inc. The acquisitions dating back to 2013 included network technology, mapping and medical technology assets.

More on China signals crackdown on privacy, data, anti-trust to go on

They additionally laid out directives for the prevention and resolution of social conflicts and reiterated an order for officials to “nip conflicts in the bud”.

Better legislation for areas including education, race and religion and biosecurity was also on the cards, they said.

The government has in recent months reined in tech giants with anti-monopoly or data security rules and clamped down on tutoring companies, as the state increases its control of the economy and society.