BEIJING: China will continue to curb monopolistic behaviors of internet platform companies and strengthen the protection of consumer privacy and data security, said Yi Gang, Governor, Chinese Central Bank.
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 Governor said during a meeting of the Bank for International Settlements.
China will implement regulations that require platform companies engaged in financial business to establish financial holding companies, according to Yi’s speech published on the central bank’s website.
China has launched a regulatory crackdown on a broad range of industries, leaving startups and decades-old firms alike operating in a new, uncertain environment.
Read more: Passing of Dr Abdul Qadeer Khan huge loss for country: Shahbaz
