Beijing (AFP)
Chinese financial regulators again summoned 13 internet companies on Thursday as Beijing strengthens its vigilance on the digital sector in order to correct any obstacle to competition, particularly in the area of payment services and financial products.
In mid-April, 34 large digital companies, including internet giants Baidu, Tencent (WeChat) and ByteDance (owner of TikTok), had already been summoned and given formal notice to comply with the guidelines in terms of compliance. competition.
Unfair competition "is a brake on innovation and development and undermines the interests of (...) consumers", then underlined the Chinese Cyberspace Administration (CAC).
The juggernaut Alibaba, a pioneer of online commerce in China, was fined 2.3 billion euros on April 10 for abuse of a dominant position.
According to a notice posted on the Chinese Central Bank's website, financial regulators - the Central Bank as well as the banking and insurance regulator - summoned Tencent and ByteDance again on Thursday. Also present were financial firms affiliated with big brands such as e-commerce giant JD.com, food delivery platform Meituan, transport company Didi and travel platform CTrip.
Although internet platforms have "played an important role in improving the efficiency of financial services," regulators have warned of some issues that need to be addressed.
For example, some companies engage in "unfair competition", going beyond the scope of their license or having poor corporate governance.
Influential companies, like those that were summoned, must "be on the front lines" to correct their practices, while others must conduct a "self-examination," the opinion said.
He adds that "the abusive connections between payment tools and other financial products must be broken", as well as any "information monopoly".
© 2021 AFP