Xi Ramping Up Controls To Rein In Chinese Tech Giants
In a sign that Beijing’s crackdown on Chinese tech giants is just beginning, President Xi Jinping, pictured, has warned he will go after tech companies that have amassed data and market power.
Xi ordered regulators to step up oversight of internet companies, crack down on monopolies, promote fair competition and prevent the disorderly expansion of capital.
China’s top leader said internet companies need to enhance their data security and financial activities and come under tight regulatory supervision.
This is the latest move by Xi to bring the burgeoning Chinese tech sector under the government’s wing.
China’s largest and most powerful private corporations, including Jack Ma’s Alibaba group and its affiliate Ant Group have been victims of the purge.
Apparently also in Xi’s sights are China-based mobile and internet giants that offer services to hundreds of millions, ranging from ride-hailing behemoth Didi Chuxing to food delivery giant Meituan and e-commerce leaders like JD.com and Pinduoduo.