Jakarta, CNBC Indonesia – The Chinese government under President Xi Jinping will tighten regulations for large tech companies in China.
The Xi government’s decision to control big tech companies in their home countries and make China a tech superpower in the world, as the United States and the European Union have done. Therefore, China will apply stricter rules such as consumer data protection to antitrust laws.
Many tech giants are reeling from the tightened rules as experienced by Alibaba, Tencent, JD.com and others.
One issue that came to light last October was Alibaba founder Jack Ma, who publicly criticized Chinese regulators for government intervention in the suspension of Ant Group’s IPO.
Officials from the Central Bank of China or the People’s Bank of China (PBoC) explained the reasons for the suspension of the Ant Group’s share listing plan. The decision was based on global considerations regarding safeguarding the interests of financial consumers and investors.
On Tuesday (03/11/2020), China suspended the listing of Ant Group shares on the Shanghai Stock Exchange. The policy comes two days before the scheduled IPO on November 5, 2020. If not suspended, the Jack Ma-founded fintech financial giant is considering $ 37 billion in funds.
Ant Group’s Alipay platform is ubiquitous in China, which is used to buy everything from food and carpooling, groceries and travel tickets. Slow regulatory oversight has also allowed Ant to expand into lending, wealth management, and even insurance. Tencent’s fintech profile has also increased.
“Suddenly, they have become very powerful players capable of pushing regulatory limits without regard to systemic risk,” said consultant Eurasia Group in a research note, as drafted by AFP, Sunday (3/21/2021 ).
This ambition comes up against years of China’s campaign to rid its chaotic financial system of the risk of a dangerous build-up of debt. Indeed, China’s public debt will increase to 335% of gross domestic product by the end of 2020, according to the Institute of International Finance. Earlier lower levels had raised concerns about the International Monetary Fund (IMF).
China is expected to force Ant and Tencent to start running their lending operations like banks, with higher supervisory yields and higher financial liabilities. These things are largely avoided by fintech leaders.
“They have to meet the capital requirements and set up a financial holding company. They can’t avoid it,” said Ke Yan, senior analyst at DZT Research.
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