No slackening in China’s goal of tackling technology monopolies, says central bank governor

BEIJING, Oct. 10 (Reuters) – China will continue to tackle the monopoly behavior of internet platform companies and strengthen consumer privacy and data security, said central bank governor Yi Gang.

The central bank will work with anti-monopoly authorities to prevent companies from abusing dominant market positions and actively address emerging monopoly issues, Yi said at a meeting of the Bank for International Settlements on Thursday.

According to Yi’s speech posted on the central bank’s website, China will implement regulations requiring platform companies engaged in financial activities to establish financial holding companies.

China has launched a regulatory crackdown across a wide range of sectors, leaving startups and decades-old businesses to operate in a new uncertain environment.

Reporting by Kevin Yao; Editing by Muralikumar Anantharaman

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