This is a dramatic shift from the mostly hands-off approach the government has adopted so far with its tech giants.Īnd while President Xi Jinping’s government has not explained what led to the draft rules, the move is likely to affect some of the biggest internet firms in China including e-commerce giants like Alibaba, JD.com and Pinduoduo, as well as food delivery platform Meituan, and social media and gaming giant Tencent, among others. The proposed rules are meant to protect or encourage fair competition and to safeguard consumers.
The move took investors by surprise, wiping hundreds of billions of dollars off the market value of some of the world’s biggest tech companies. Several governments are trying to defang the growing financial and economic might of tech giants, but few have the political leeway that China has.Ĭhina’s government published draft antitrust rules this week aimed at curbing monopolistic behaviour by its giant internet platforms, a move that analysts believe will lead to increased scrutiny of e-commerce marketplaces as well as food delivery and payment platforms, among others.
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