November 23, 2021
1 min read

Beijing clamps down on tech firms under regulations policy

The curbs include collective market capitalisation of tech giants such as Tencent, a gaming and social media giant, and Alibaba, China’s e-commerce powerhouse….reports Asian Lite News

China is clamping down on its tech firms as part of market regulations policy during a period of slow economic growth.

According to CNN, China’s regulatory body State Administration of Market Regulation (SAMR) has fined tech firms for violating antitrust laws. SAMR sources mentioned that there were 43 separate violations, with some offences dating as far back as 2012. Each fine is of 500,000 yuan (USD 78,000).

“The cases announced this time are all transactions that should have been declared but not declared in the past,” the SAMR added.

The curbs include collective market capitalisation of tech giants such as Tencent, a gaming and social media giant, and Alibaba, China’s e-commerce powerhouse.

The highlight of crackdown includes an 18.2 billion yuan (USD 2.8 billion) record fine that technological giant Alibaba (BABA) was ordered to pay, reported CNN.

China’s market regulator announced that companies including Alibaba, Baidu and JD.com were fined for failing to declare 43 deals that date as far back as 2012 to authorities after the anti-regulation which came into effect from 2008.

As per the SAMR, enterprises involved in the cases would be fined 500,000 yuan (USD 78,000) each, it said, the maximum under China’s 2008 Anti-Monopoly Law.

China’s effort to curb the technological giants are nothing new as from last year Beijing’s regulatory bodies have come heavy on Alibaba and other Chinese firms over the past year.

It’s observed that China’s crackdown has curbed Beijing technological companies’ entrepreneurial spirit that has built its formidable tech sector dating from the early 1990s.

Earlier, on August 8 this year as a part of its Centenary observation, the Communist Party issued a five-year blueprint to change China’s tech industry and the changes will continue till 2022.

Earlier China’s Anti-Trust or Anti Monopoly law was passed by the National People’s Congress in 2007 and came into effect on 1 August 2008. (ANI)

ALSO READ: India-US Trade Policy Forum to be revived after four years

Previous Story

Rift emerges in PTI on party tickets

Next Story

Xi assures ASEAN countries of cooperation

Latest from -Top News

UN slams resumption of Houthi attacks

In the first such incidents for more than six months, the Yemeni group seized and then scuttled two Liberian-flagged bulk carriers operated by Greek shipping firms, leaving four seafarers presumed dead and

Aboulela awarded PEN Pinter prize

Born to an Egyptian mother and Sudanese father, Aboulela grew up in a Khartoum where British colonial echoes mingled with the call to prayer Sudanese-British novelist Leila Aboulela has been named winner

Afghans Flood Home, UN Sounds Alarm

UNHCR head in Afghanistan, Arafat Jamal, said that the country is not well prepared to receive this influx of returnees…reports Asian Lite news The UN High Commissioner for Refugees (UNHCR) has raised

Bangladesh-US Talks Hit a Wall

Bangladesh is among the first nations to return to the negotiating table following Trump’s July 7 letter addressed to 14 countries….reports Asian Lite News The second round of three-day tariff talks between

India Doubles Down on Indo-Pacific

India reaffirms its strategic commitment to a free, inclusive, and rules-based Indo-Pacific under the SAGAR vision…reports Asian Lite Newsa India has reaffirmed its growing engagement in the Indo-Pacific, guided by its SAGAR
Go toTop

Don't Miss

Missing Chinese tennis star appears at tournament amid global outcry

This comes after international pressure mounted for an investigation into

Settlement in national currencies on BRICS agenda

The summit is expected to reinforce BRICS’ evolving role as