In April, e-commerce platform Alibaba was fined a record $2.8 billion by market regulators for breaching China’s anti-monopoly law. The idea of an anti-monopoly board game dates to 1903 and the original Monopoly created by Lizzie Magie. Personal credit reporting should be done only by licensed credit reporting agencies, it said. Anti-Monopoly is a board game made by San Francisco State University Professor Ralph Anspach in response to Monopoly. The revised Anti-Monopoly Law of the People’s Republic of China (New AML) entered into force on August 1, 2022.The New AML introduces in the second paragraph of Article 60 that where the monopolistic conduct of an undertaking damages social and public interest, the people’s procuratorate at or above the level of city with subordinate districts may file a public interest. Financial businesses must have licenses to operate, and the expansion of payment accounts not linked to banks must be strictly controlled, the statement said.Ĭompanies were ordered to break the information monopoly. The companies were told to carry out self-inspections and rectify any problems in line with financial regulations. They must take the lead in seriously correcting these problems,” the statement said. “The online platform companies being summoned run integrated businesses on a large-scale and are influential in the sector and face typical problems. Anspach Games Anti game - Previously known as Anti-Monopoly, but name had to be changed due to a suit from General Mills (Who owned Parker Brothers at that. But it said some companies are unlicensed and some engage in unfair competition and damage consumers’ legal rights. Chinese regulators hit Alibaba with a 18.23 billion yuan (2.8 billion) fine in its anti-monopoly investigation of the tech giant, saying it abused its market dominance. The statement by regulators acknowledged that online companies have contributed to improving financial services and making them more inclusive. It is drafting new laws to ensure large firms do not squeeze out competition, abuse their market positions or hurt consumer rights.Īs part of their crackdown on online financial services, last year authorities abruptly halted a $34.5 billion initial public offering by Ant Group, which is affiliated with e-commerce giant Alibaba. To help curb risks to China’s financial system, Beijing has in recent months ramped up scrutiny of technology companies and tightened antitrust regulations. Regulators warned against the “disorderly expansion” of capital, part of the government’s increased scrutiny of technology and internet companies that have branched into the lucrative financial services sector, offering services such as digital wallets, wealth management services and loans. The regulators, which include the People’s Bank of China (PBOC) and China’s securities and banking regulators, said in a statement Thursday that they had summoned companies including Xiaomi’s fintech arm Tencent Bytedance e-commerce platform JD.com’s JD Finance, and the finance arm of food delivery platform Meituan. HONG KONG (AP) - Chinese financial regulators have summoned 13 companies engaged in online finance services, including Tencent and Bytedance, and told them to strengthen anti-monopoly measures.
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