The Chinese Executive has long been targeting technology companies , whose indomitable growth it is preparing to “tame”. Xi Jinping, China’s president, says his government’s current campaign to “prevent irrational capital expansion”. And “tackle wild growth” in the tech industry is bearing fruit. In addition, the president warns that the Chinese Communist Party (CCP). Has more aces up its sleeve to strengthen its control over the technological giants.
“The implementation of all these antitrust regulations is absolutely necessary to improve the socialist market economy and promote common prosperity ,” Jinping said Monday at a meeting of a CPC steering committee.
The Chinese Executive Does Not Give Truce to The Technology Sector
During the meeting, the president insisted that the Party must “guide and supervise companies ” and develop “effective regulations and precise standards” with the ultimate goal of “serving the interests of economic development.”
In the course of the last few months, China has unloaded its heavy artillery against the big technology companies that operate in the country. The german phone number e-commerce giant Alibaba was imposed, without going any further, a penalty of 18.2 billion yuan (around 2.818 million dollars).
In addition, the authorities have put companies such as Meituan and Didi. Under scrutiny alleging alleged risks to the security of user data and have put a stop. To Tencent’s plans to merge the streaming platforms. of video games Huya and Douyu in order to avoid a monopoly situation.
Companies Such as Meituan and Didi
All these measures aspire to “better protect the rights and interests of consumers”. And to bolster a system “with orderly competition” and “achieve high-quality development. That serves the general interest,” insists Jinping.
Recently, China has also given the green light to new and restrictive privacy laws. That will come into force on November 1 and that provides for the suspension of those applications. That illegally process sensitive personal data.
Despite the latest and very harsh attacks by Xi Jinping against technology companies. The truth is that yesterday, Tuesday, the main companies in the “tech” industry in China. Staged upward increases in the Hong Kong stock market. It will be that filled with power, they have begun to lose their fear of attacks from Beijing.