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Tencent Believes Big Tech Needs Greater Oversight

 |  November 17, 2020

Tencent Holdings President Martin Lau said further regulations are needed in China to mirror a “new reality.”

Lau’s comments came when the China-based company registered a September quarter that exceeded expectations due to spiking demand for digital games, Nikkei Asia reported.

“As technology companies become bigger and more important to the economy, I would say more regulations to reflect the new reality are needed,” Lau said, according to the report.

The tech company’s formidable performance comes as Chinese authorities seek to exercise more control over the nation’s top digital platforms.

Tencent’s strong performance comes as Chinese authorities look to rein in the influence of the country’s leading internet platforms, which have penetrated every aspect of life in China through wide-ranging services.

Tencent was among 27 internet companies summoned by China’s market and internet regulators last week to a meeting aimed at enforcing order on the online economy. Beijing this week published draft guidelines that could outlaw anticompetitive practices such as selling goods below cost, price discrimination and exclusive sales agreements.

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