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In fresh regulatory move, China tells tech giants to stop blocking rivals' links

BEIJING (Reuters) -China fired a fresh regulatory shot at its tech giants on Monday, telling them to end a long-standing practice of blocking each other's links on their sites or...

BEIJING (Reuters) -China fired a fresh regulatory shot at its tech giants on Monday, telling them to end a long-standing practice of blocking each other's links on their sites or face consequences.

The comments, made by the Ministry of Industry and Information Technology (MIIT) at a news briefing, mark the latest step in Beijing's broad regulatory crackdown https://www.reuters.com/world/china/education-bitcoin-chinas-season-regulatory-crackdown-2021-07-27 that has ensnared sectors from technology to education and property and wiped billions of dollars off the market value https://www.reuters.com/world/china/china-crackdown-wipes-hundreds-billions-off-top-companies-values-2021-09-13 of some of the country's largest companies.

China's internet is dominated by a handful of technology giants which have historically blocked links and services by rivals on their platforms.

Restricting normal access to internet links without proper reason "affects the user experience, damages the rights of users and disrupts market order," said MIIT spokesperson Zhao Zhiguo, adding that the ministry had received reports and complaints from users since it launched a review of industry practices in July.

"At present we are guiding relevant companies to carry out self-examination and rectification," he said, citing instant messaging platforms as one of the first areas they were targeting.

He did not specify what the consequences would be for companies that failed to abide with the new guidelines.

The MIIT did not name any companies, but the 21st Century Business Herald newspaper reported on Saturday https://m.21jingji.com/article/20210911/herald/b269ce2ecca9eb2ace240aac04d564b3?skinTheme=0 that Alibaba (NYSE:BABA) Group Holding Ltd and Tencent Holdings (OTC:TCEHY) Ltd were among the firms told to end the practice by an unspecified time last week.

Shares in Alibaba Group and Tencent Holdings fell on Monday by over 6% and 3% respectively against a 3% decline in the Hang Seng Tech Index.

The practice targeted by the MIIT is common.

Tencent restricts users from sharing content from ByteDance-owned short video app Douyin on Tencent's instant messaging apps WeChat and QQ. In February, Douyin filed a complaint https://www.reuters.com/article/us-china-bytedance-idUSKBN2A2153 with a Beijing court saying that it constituted monopolistic behaviour. Tencent has called those accusations baseless.

In other cases, Alibaba's Taobao and Tmall e-commerce marketplaces do not allow Tencent's payment service WeChat Pay to be used as a payment option.

Tencent said it supported the MIIT's guidance and would make the necessary changes in phases.

An Alibaba spokesperson referred Reuters to remarks made by CEO Daniel Zhang on Aug. 3, when he said rectification was "highly necessary".

The MIIT also said on Monday that China had "too many" electric vehicle (EV) makers and the government will encourage consolidation.

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17-09-2021 14:15:05 (UTC+7)

EUR/USD

1.1783

+0.0019 (+0.17%)

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↑ Buy

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EUR/USD

1.1783

+0.0019 (+0.17%)

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GBP/USD

1.3797

+0.0009 (+0.07%)

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USD/JPY

109.85

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AUD/USD

0.7314

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USD/CAD

1.2652

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EUR/JPY

129.43

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EUR/CHF

1.0914

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Gold Futures

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Silver Futures

22.968

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Copper Futures

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Crude Oil WTI Futures

72.23

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Brent Oil Futures

75.37

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Natural Gas Futures

5.288

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US Coffee C Futures

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Euro Stoxx 50

4,206.65

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S&P 500

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DAX

15,751.45

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FTSE 100

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24,790.00

+122.15 (+0.50%)

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US Small Cap 2000

2,236.28

+1.83 (+0.08%)

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IBEX 35

8,824.50

+90.80 (+1.04%)

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BASF SE NA O.N.

65.110

-0.100 (-0.15%)

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Bayer AG NA

45.73

+0.09 (+0.20%)

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Allianz SE VNA O.N.

193.35

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Adidas AG

287.00

+1.70 (+0.60%)

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Deutsche Lufthansa AG

8.115

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Siemens AG Class N

151.38

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Deutsche Bank AG

11.250

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Moving Avg:

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 EUR/USD1.1783↑ Buy
 GBP/USD1.3797↑ Buy
 USD/JPY109.85↑ Sell
 AUD/USD0.7314↑ Buy
 USD/CAD1.2652↑ Sell
 EUR/JPY129.43↑ Buy
 EUR/CHF1.0914Neutral
 Gold1,763.10Sell
 Silver22.968↑ Buy
 Copper4.3010↑ Buy
 Crude Oil WTI72.23↑ Sell
 Brent Oil75.37↑ Sell
 Natural Gas5.288↑ Buy
 US Coffee C187.78↑ Sell
 Euro Stoxx 504,206.65Buy
 S&P 5004,473.76↑ Sell
 DAX15,751.45↑ Buy
 FTSE 1007,063.46Sell
 Hang Seng24,790.00Neutral
 Small Cap 20002,236.28Neutral
 IBEX 358,824.50↑ Buy
 BASF65.110↑ Sell
 Bayer45.73↑ Buy
 Allianz193.35↑ Buy
 Adidas287.00↑ Buy
 Lufthansa8.115↑ Buy
 Siemens AG151.38Buy
 Deutsche Bank AG11.250↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,615/ 5,665
(-20/ -15) # 806
SJC HCM5,600/ 5,665
(-50/ -55) # 807
SJC Hanoi5,600/ 5,667
(-50/ -55) # 809
SJC Danang5,600/ 5,667
(-50/ -55) # 809
SJC Nhatrang5,600/ 5,667
(-50/ -55) # 809
SJC Cantho5,600/ 5,667
(-50/ -55) # 809
Cập nhật 17-09-2021 14:15:07
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ↀ Giá vàng thế giới
$1,763.33+9.20.52%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2149021910
RON 95-II,III2139021810
E5 RON 92-II2014020540
DO 0.05S1602016340
DO 0,001S-V1637016690
Dầu hỏa1508015380
ↂ Giá dầu thô thế giới
WTI$72.24-0.27-0.37%
Brent$75.38-0.51-0.67%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.640,0022.870,00
EUR26.118,3927.477,69
GBP30.621,6331.901,01
JPY202,13213,83
KRW16,7120,34
Cập nhật lúc 14:14:45 17/09/2021
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