China has again moved to ensure the web giants don’t prove overly disruptive to its economy, hauling 13 of them for “management interviews” with a panel of regulators.
As announced of the Peoples ’Bank of China (PBOC), it and the country’s Banking Regulatory Commission, Securities Regulatory Commission, State Administration of Foreign Exchange, along with“ other financial management departments ”all gathered to Give the web giants a wary.
Tencent, developer of TikTok ByteDance, the financial operation of super-giant e-tailer JD.com, and China’s Uber clone Didi, which also now offers vehicle fleet leasing services, are among the companies required to attend.
The bank and other regulators have called on the web giants to continue to innovate in financial services, but to do so while complying with all the laws that apply to more conventional finance companies.
China needs ‘self-correction’ of monopolistic behavior of 34 local web giants
“The development of the financial business should be based on delivering a real economy and avoiding financial risks,” the bank said.
All of the companies that attended, the bank said, were in full agreement with the regulators ’suggestions, amusing enough, and left agreeing to“ emphasize the extreme importance of self-examination and work on corrections, under the guidance of financial management departments, fully benchmark the necessary financial regulations, develop rectification plans, and vigorously implement them. “
Interviews-without-coffee follow in China sudden cancellation of the float of Ant Group, the financial arm of Alibaba, in fears that peer-to-peer lending practices are not good for the economy. Alibaba will then haul over the charcoal for restricts access on e-commerce platforms for brands with the temerity to sell on rival sites.
The thirteen companies called for the interview will be aware of Alibaba’s concerns, and will almost certainly be keen to avoid similar concerns. ®