China Finalizes Internet Antitrust Rules in Just Three Months
- The rules sparked a sell-off in November when first unveiled
- Alibaba has been a top target of antitrust regulators
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China finalized rules to root out monopolistic practices in the internet industry just three months after unveiling the draft guidelines, underscoring the urgency of a campaign to rein in its tech giants.
The rules, aimed at curbing anti-competitive behavior such as sharing sensitive consumer data, forming alliances that squeeze out smaller rivals and subsidizing below-cost services to eliminate competitors, take effect immediately, according to a statement from the State Administration for Market Regulation. The antitrust watchdog had first sought feedback on the draft legislation in November, sparking a sell-off in the tech industry.