October 20, 2021

The Queens County Citizen

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Beijing says digital regulations will be tightened

Beijing says digital regulations will be tightened

Beijing, China | China will tighten regulations in the digital sector and especially in online payments, the central bank governor has warned, after a turning point that has worried investors.

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In recent months the authorities have not particularly compromised against the digital giants and their tolerant practices, especially in the case of personal data, competition and user rights.

“We will continue to work to fight against monopolies [dans la finance en ligne], Discrimination through algorithms and other forms of anti-competitive practices, “Yi Gang, a central bank official in China, told a conference on regulation of digital giants on Thursday.

Ghosts in the sector are widely used tools and algorithms to ensure their success at the heart of the digital economy and serve as the brains of many applications and services on the Internet.

They make it possible to analyze the amount of information collected on the user and make automatic recommendations according to his habits or preferences.

Beijing is concerned about the lack of transparency of tech giants regarding the practice and wants to tighten regulations.

“Large groups [du numérique] We have collected huge data from consumers, “Mr. Yi, expressed fears about the” monopoly “situation and the dangers to the economy that could” weaken innovation “in the sector.

The head of the Central Bank also appealed for all companies providing financial services to obtain a license.

“Some companies [du numérique] Conduct financial activities without authority, ”he said.

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Ant Group, a subsidiary of Alibaba, which owns the Alipay payment system, was the first to find itself in the crosshairs of regulators last year.

Alipay is an important application in China, where cash has almost disappeared and most payments are made via smartphone.

Beijing has suspended a massive IPO of Ant Group in Hong Kong at the end of 2020. And its parent company Alibaba, founded by the eccentric billionaire Jack Mache, has since been fined 2.3 billion euros for abusing its dominance.

Occupation of officers has since expanded to other sectors (education, entertainment, video games, real estate, etc.)

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