China Targets Internet Giants in Antitrust Law Overhaul
- Draft of revised law mentions internet firms for first time
- China has spawned a handful of dominant internet corporations
China has included the internet industry for the first time in an envisioned overhaul of its anti-monopoly laws, potentially giving regulators the power to rein in the country’s increasingly dominant technology giants.
Proposed revisions to the Anti-Monopoly Law, published last week, included language that accords regulators responsibility to monitor the impact that internet companies have on the online sector, their scale and their ability to control products and services. More broadly, companies found to have violated the law could be fined as much as 10% of their revenue or a maximum of 50 million yuan ($7.2 million) if they don’t generate significant sales, according to the revised rules posted on the State Administration for Market Regulation’s website. The draft is currently open to public consultation.