China Creates Conference System To Oversee Unfair Market Practices

China is forming a ministerial conference system to coordinate efforts to crack down on unfair market competition after tightening its oversight of tech titans like Alibaba Group Holding and Tencent Holdings earlier this month. 

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), reported Yahoo. 

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.

The circular comes after the market regulator proposed new guidelines on its antitrust law this month to rein in internet-platform monopolies. The message wiped out more than US$250 billion of market value of Alibaba, food-delivery firm Meituan and WeChat operator Tencent within two days. Alibaba is the owner of this newspaper.

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