Alibaba CEO says China’s draft antimonopoly guidelines are “well timed and needed”.
© Reuters. World Internet Conference in Wuzhen
By Yingzhi Yang and Josh Horwitz
WUZHEN, China (Reuters) – China’s move to formulate rules to prevent monopoly behavior by Internet platforms is “timely and necessary”. Alibaba (NYSE 🙂 Group CEO Daniel Zhang said on Monday.
Speaking at the World Internet Conference, Zhang said that government policies have pushed Chinese Internet companies to the forefront of global industry, but regulations need to be developed.
The “development and government supervision of the industry is a mutually beneficial and mutually dependent relationship so that platform companies can not only develop themselves well, but also serve the sustainable and healthy development of society as a whole,” he said.
Organized by the Cyberspace Administration of China, the annual event, November 23-24, comes as the country’s internet giants, including Alibaba, Tencent Holdings (OTC 🙂 and Meituan, face increasing government scrutiny.
Earlier this month, the proposed $ 37 billion listing on Alibaba subsidiary Ant Group was suspended after regulators warned its lucrative online lending business against scrutiny.
Alibaba’s e-commerce marketplaces and payment services are also expected to gain greater scrutiny following the draft regulation released by China’s market regulator on Nov. 10 to prevent platforms from dominating the market or using methods to block fair competition are exposed.
Zhang is one of the few Chinese tech leaders to publicly attend the event after it was downsized due to the COVID-19 pandemic. Other directors, such as Steve Mollenkopf of Qualcomm (NASDAQ 🙂 Inc, made comments via video.
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