This State Market Supervision Administration China (SAMR) issued new antitrust guidelines for digital platforms on Sunday, February 7, which adds to the restrictions that Chinese tech giants already face.
The new standard published by SAMR on its website formalizes the drafts of the following standards: Antitrust law Launched in November last year, Clarify a series of monopolistic behaviors Regulators tried to suppress. According to SAMR, these new guidelines “Avoid monopolistic behavior on economic platforms and protect fair competition in the market“.
The purpose of these new guidelines is to put pressure on China’s major Internet services (including e-commerce sites) Taobao, Tmall Alibaba Group and Jingdong.The new rules will also cover payment services, such as Alipay Ant Group and WeChat Pay Tencent Holdings Limited.
The new rules also aim to prevent companies from setting prices, imposing restrictions on technology, and using data and algorithms to manipulate the market.
In recent months, China has increased its focus and research on technology giants. After Ant Group suspended its planned $37 billion initial public offering (IPO), regulators launched an antitrust investigation against Alibaba Group in December.