CHINA-ECONOMY: NEW TASK FORCE TO TIGHTEN SCRUTINY OF UNFAIR COMPETITION AND MARKET DOMINANCE BY TECH GIANTS LIKE ALIBABA AND TENCENT

Caixin reported (November 21) that China's State Council approved the establishment of a new committee led by the State Administration for Market Regulation and comprising 17 central government ministries and departments to combat unfair competition as regulators tighten scrutiny of market dominance built up by tech giants such as Alibaba Group Holding and Tencent Holdings. Among the ministry-level agencies are the central bank, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and the Ministry of Public Security. The new committee will: Strengthen guidance on fair competition work; Study and implement major policies; Address pressing issues and illegal activities; Encourage better cooperation and coordination between relevant departments; and Improve public awareness of fair competition laws, rules, and policies. 





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