China cracks down on 'platform economy' including Tencent

Companies / Telecoms & Technology China cracks down on 'platform economy' including Tencent Financial watchdogs summoned 13 internet companies citing are rule violations in areas such as regulatory arbitrage and unfair competition 29 April 2021 – 16:56 Tony Munroe and Cheng Leng Picture: REUTERS/KIM KHYUNG-HOON Beijing — Chinese financial watchdogs summoned 13 internet platforms engaged in finance business on Thursday, including heavyweights Tencent and ByteDance, to order them to strengthen compliance with regulations, the central bank has said. The move by the four regulators is part of widening efforts by Beijing to rein in the country's huge internet "platform economy",…