China's goal to eliminate tech monopolies is not going to go away, according to cbank governor

China's goal to eliminate tech monopolies is not going to go away, according to cbank governor ...

China will continue to curb monopolistic practices of internet platform companies and improve consumer privacy and data security, central bank governor Yi Gang said.

The central bank will work with anti-monopoly authorities to prevent firms from utilizing dominant market positions and actively address new monopolies, Yi said at a meeting of the Bank for International Settlements on Thursday.

According to Yi's speech published on the central bank' website, China will implement rules that require platform firms engaged in financial transactions to establish financial holding companies.

China has launched a stringent regulation crackdown on dozens of industries, leaving startups and decades-old firms alike operating in shaky waters.

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