Chinese regulators said Thursday they have launched an antitrust investigation into Chinese e-commerce giant Alibaba Group Holding Ltd. and separately said they would summon affiliate Ant Group for discussions on competition and consumer rights. China’s central bank and three other regulators, meantime, said in a separate joint statement that they would summon Ant for talks. Since then, senior Chinese leaders have spoken publicly about limiting the market power of Chinese firms, and have also sought to monitor emerging consumer internet sectors more closely. Chinese internet firms have traditionally been allowed unfettered growth at home, as Beijing sought to develop its own national champions in technology. The recent moves by Beijing to tighten the reins on Alibaba and its peers put it into closer alignment with global regulators.

Source: Mint December 24, 2020 04:30 UTC