China tells its tech giants to heed 'warning' in Alibaba's record fine

The State Administration for Market Regulation (SAMR), along with the Cyberspace Administration (CAC) and the State Taxation Administration (STA), met with executives from 34 internet companies, such as Alibaba, Tencent (TCEHY) and ByteDance, the SAMR said in a statement.The meeting was aimed at requiring every company to heed the warning from the Alibaba case and stop anti-competitive and other illegal behaviors, the regulator said. “Internet platform companies must be in awe of and respect the rules,” it added. Other companies attending included JD.com (JD), Pinduoduo (PDD), Baidu (BIDU), food delivery app Meituan, ride-hailing giant Didi, gaming company NetEase (NTES), streaming platform iQIYI (IQ) and short-form video app Kuaishou.On Saturday,

→ Continue reading at CNN - Business News

More from author

Related posts

Advertisment

Latest posts

PG&E Admits it Broke 2020 Promise to Fully Inspect 50K Poles in High Fire Risk Zones

INVESTIGATIVE PG&E Admits it Broke 2020 Promise to Fully Inspect 50K...

AI (Artificial Intelligence): How Non-Tech Firms Can Benefit

Even though AI continues to thrive and grow, there remain challenges to use the technology. Just some include finding data scientists, determining the right...

Solana, a blockchain platform followed by top crypto investors, says it’s far faster than Ethereum

Solana isn’t widely known yet outside of the crypto community. But insiders think the blockchain platform is interesting for a wide variety of reasons,...