BEIJING (Reuters) – China will proceed to curb monopolistic behaviors of web platform corporations and strengthen the safety of client privateness and knowledge safety, central financial institution governor Yi Gang stated.
The central financial institution will work with anti-monopoly authorities to forestall corporations from abusing dominant market positions and actively take care of new monopoly issues, Yi stated at a gathering of the Financial institution for Worldwide Settlements on Thursday.
China will implement rules that require platform corporations engaged in monetary enterprise to determine monetary holding corporations, based on Yi’s speech revealed on the central financial institution’s web site.
China has launched a regulatory crackdown on a broad vary of industries, leaving startups and decades-old corporations alike working in a brand new, unsure atmosphere.
(Reporting by Kevin Yao; Modifying by Muralikumar Anantharaman)
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