The Chinese government has issued a new policy to curb the monopoly of technology giants in the market. The public ‘anti-monopoly’ policy, which was drafted last November, has been implemented since Sunday.
In particular, the new policy will affect e-commerce companies. This will prevent big companies like Alibaba and JD.com from taking advantage of the monopoly in the market.
The policy has abolished the provision that in particular have to deal directly with e-commerce companies.The Chinese government has issued a similar policy, saying prices are being manipulated.
It is believed that this will help in implementing the price set by the government by stopping the movement in the price of goods.
In addition, the unnecessary provisions currently in the trading market have also been removed. The policy prohibits monopolies in the market using technology and data.
This policy will also apply to companies related to financial technology (fintech) including Tencent, WeChat, Aunt Group, Alibaba. It is said that new competition has to be brought as negative competition is increasing in the market and this has caused problems in the regulation of the industry.
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