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

Monsoon Havoc in Pakistan

Since June 26, torrential rains have killed at least 299 people—including 140 children—and injured 715 in Pakistan…reports Asian Lite News Since June 26, torrential monsoon rains have devastated Pakistan, killing at least

Bangladesh’s Dark Turn

With the Awami League outlawed and absent from the electoral fray, a vacuum has emerged — one that has not necessarily been filled with stability….reports Asian Lite News Bangladesh’s political landscape has

Trump Repeats India-Pak Ceasefire Claim

The latest remarks came days after White House Press Secretary Karoline Leavitt asserted that the US President ended several conflicts around the world, including the one between India and Pakistan…reports Asian Lite

Pezeshkian’s Pak Pitch Begins

Pezeshkian’s visit marks the second time an Iranian president has visited Pakistan in less than two years Iranian President Masoud Pezeshkian arrived in Pakistan on Saturday for a two-day official visit, marking

‘Water Bomb’ on Brahmaputra?

Experts say the dam project could alter the river’s natural flow and place downstream nations at risk of floods and droughts. The construction of a mega hydropower dam by China on the
Go toTop

Don't Miss

Yellow River may face higher risk of floods this Summer

The Yellow River basin is usually lashed by frequent rainfall

China lifts ban on group tours to S. Korea, US, Japan

Chinese Ministry of Culture and Tourism announced it will allow