China to set up conference system to oversee unfair market practices after drafting guideline to shackle tech titans
- The system will be led by the State Administration for Market Regulation, with representatives from 17 parties and ministries, cabinet circular shows
- The system will give focused guidance on countering anti-competition practices, address burning issues and improve public awareness of new rules
It will be led by the State Administration for Market Regulation, with representatives from 17 parties and ministries including the People’s Bank of China, Cyberspace Administration of China and China Banking and Insurance Regulatory Commission (CBIRC), according to a State Council circular issued on Thursday.
The move will give focused guidance on countering unfair competition practices, propel the implementation of major policies and measures, address burning issues and improve public awareness of antitrust rules and policies, according to the circular.
Officials from Public Security, Industry and Information Technology and Education ministries will also be represented on the system, it said.
“Fintech has improved the efficiency of financial services, but it has not fundamentally changed the core nature of finance,” CBIRC vice-chairman Liang Tao said at a forum in Beijing on November 11. “[We have to] include financial activities under the same comprehensive regulatory [ambit].”
