Anti-Monopoly Laws from China to Technology Giants!

China has introduced new anti-monopoly laws against world-renowned technology companies.

Anti-monopoly laws were imposed to technology giants from China. The Beijing government has introduced new regulations to prevent monopolistic practices by large technology companies. According to the news in the BBC, China has implemented the draft laws published in November 2020 in order to prevent the non-competitive behavior of technology companies. With these regulations, the Beijing government aims to prevent the biggest companies of e-commerce such as "Alibaba" and "JD.com" from abusing their position in the market. The State Market Supervision and Regulation Administration (SAMR), affiliated with the Chinese State Council, aims to end predatory price fixing and inappropriate trade practices with the introduction of new laws. With this regulation, it is thought that the prevention of manipulation of the market through the use of data and algorithms and the regulation will include financial technology companies such as Alibaba's online payment subsidiary AntGroup and Tencet affiliated WeChat.   Vipshop Company Fined In the statement made by SAMR today, it was noted that within the scope of the new regulations put into effect, Vipshop company, which operates the e-commerce site VIP.com, was fined approximately 500 thousand dollars for committing unfair competition. SAMR launched an antitrust investigation against the Alibaba Group in December 2020.