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No let up in China's aim to curb tech monopolies, says cbank governor

No let up in China's aim to curb tech monopolies, says cbank governor

FILE PHOTO: The Chinese national flag is seen in Beijing, China April 29, 2020. REUTERS/Thomas Peter/File Photo

BEIJING : China will continue to curb monopolistic behaviors of internet platform companies and strengthen the protection of consumer privacy and data security, central bank governor Yi Gang said.

The central bank will work with anti-monopoly authorities to prevent firms from abusing dominant market positions and actively deal with new monopoly problems, Yi said at a meeting of the Bank for International Settlements on Thursday.

China will implement regulations that require platform companies engaged in financial business to establish financial holding companies, according to Yi's speech published on the central bank's website.

China has launched a regulatory crackdown on a broad range of industries, leaving startups and decades-old firms alike operating in a new, uncertain environment.

(Reporting by Kevin Yao; Editing by Muralikumar Anantharaman)

Source: Reuters

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