China's New Regulations For Entertainment, Tech Giants' Expansion: Report
NDTV
A new directive by China seems to be most problematic for Alibaba and Tencent as both have hatched vast online transfer, deposit-taking and insurance services, said the report.
China has issued fresh directives to crimp the expansion of the country's entertainment and tech giants, including Alibaba, Tencent and Bytedance, owner of TikTok, a media report said.
Nine different departments, including China's National Development and Reform Commission (NDRC), the State Administration for Market Regulation and the Cyberspace Administration of China issued joint statements about how to regulate and tame the development of what it labels "the online platform sector", reported Chron, a US-based news outlet.
Among the new policy directives, the most prominent is the strict regulation of the tech companies' activities and investments in the finance sector.
According to an NDRC document, "Platform operators must not use data, technology, market, or capital advantages to restricting the independent operation of other platforms and applications."
