Connect with us

World

China plans stiff fines in tech-related changes to competition law

News Agencies

Published

on

BEIJING (Reuters) – China’s market regulator proposed amendments on Tuesday to a law on unfair competition, making provisions for fines ranging as high as a 5% share of a firm’s annual revenue to punish such practices by internet companies.

The changes, open for public comment until Dec. 22, are part of a two-year-old crackdown on formerly freewheeling giant internet firms, which China has punished for activities from monopolistic behaviour to exploiting consumers.

Operators must not use data, algorithms, technology or any capital advantages to engage in unfair competition, the State Administration for Market Regulation (SAMR) said in a revised draft of the measures.

To protect consumers, operators would be barred from using algorithms to give users “unreasonably different treatment or unreasonable restrictions”, by analyzing user preferences and their trading habits, it added.

Advertisement

Another new rule, in the third set of alterations to the law since it was adopted in 1993, prevents a business in an advantageous position from forcing a counterparty to sign exclusive agreements.

Also, such businesses should not block external links or services from their platforms without a reason, the regulator said.

Operators infringing such provisions can face fines ranging from 1% to 5% of annual revenue, with legal representatives subject to fine of 100,000 yuan to 1 million yuan ($14,008-$140,080).

Advertisement

Authorities have been particularly concerned over “disorderly expansion” of online platforms, which they accuse of exploiting advantages in capital, and have vowed to “perfect” legal rules against unfair competition.

($1=7.1380 Chinese yuan renminbi)

(Reporting by Sophie Yu, Yingzhi Yang and Brenda Goh; Editing by Clarence Fernandez)

Advertisement
Continue Reading
Advertisement

Advertisement

Breaking News

Editor Pick’s

Latest Entertainment

Entertainment51 mins ago

Jay Ellis reveals full story behind ‘Insecure’ fan slapping him at the airport

Jay Ellis on Insecure (Photo: HBO) As Jay Ellis tells it, the interactions he has had with Insecure fans since playing...

Entertainment1 hour ago

Heather Rae and Tarek El Moussa Welcome Their Baby Boy: ‘Our Hearts Are So Happy’

Heather and Tarek El Moussa Axelle/Bauer-Griffin/FilmMagic Heather Rae El Moussa and Tarek El Moussa have welcomed their baby boy! The...

Entertainment3 hours ago

Matthew McConaughey says a fortune teller helped convince him to do ‘How to Lose a Guy in 10 Days’

Kate Hudson and Matthew McConaughey open up about making How to Lose a Guy in 10 Days ahead of the...

Entertainment3 hours ago

Family that lived in ‘Spider-Man’s house’ shares decades-worth of letters from young fans: ‘Could you teach me how to make two web shooters?’

For decades, a real-life Parker family lived at the same address credited to Marvel superhero Spider-Man — and received many...

Entertainment3 hours ago

M. Night Shyamalan on the ‘power’ of Bruce Willis, the movie he bet his house on, and his one film people watch on their deathbeds

Bruce Willis in The Sixth Sense, Bryce Dallas Howard in Lady in the Water, and Joaquin Phoenix in Signs (Everett...

Entertainment3 hours ago

Brian Cox on his ‘Caddyshack’-inspired Super Bowl ad and why he doesn’t understand football: ‘It’s a strange American pastime’

Brian Cox and Serena Williams star in a “Caddyshack”-inspired Super Bowl ad from Michelob Ultra (Photo: Courtesy of Michelob Ultra)...

Entertainment5 hours ago

Dean Devlin explains why ‘The Ark’ isn’t ‘woke’ sci-fi: ‘There’s an attempt to politicize everything now’

Tiana Upcheva plays Eva Markovic in the Syfy original series, The Ark. (Photo by: Aleksandar Letic/Ark TV Holdings, Inc./Syfy) Star...

Entertainment5 hours ago

See Jake Gyllenhaal as a U.S. Army Sergeant in Trailer for Guy Ritchie’s The Covenant

Jake Gyllenhaal has a big debt to settle in The Covenant. In Guy Ritchie‘s upcoming military thriller, Gyllenhaal, 42, stars...

Advertisement

Latest Sports

Sports26 mins ago

Wish (not) granted: Why stars shouldn’t make lists

Looking at recent history, it might be wise for disgruntled stars to avoid creating a proverbial list of destinations, mostly...

Sports56 mins ago

George Kittle asked Brock Purdy priceless question during 49ers’ tough loss

George Kittle always makes sure the vibes are in good shape on the 49ers' sideline. Even in a season-ending 31-7...

Sports1 hour ago

NBA trade rumors: What players might be on the move at the deadline?

Yahoo Sports will track all the trade rumors, news, players and teams to watch leading up to the deadline at...

Sports2 hours ago

NBA Rumors: Celtics looking into Kelly Olynyk trade with Jazz

The Celtics could use big man insurance ahead of the NBA trade deadline, and they're reportedly considering the possibility of...

Sports2 hours ago

Yankees’ farm system ranked in top half of MLB by The Athletic, features ‘high-upside guys’

The Yankees finished the 2022 season in first place in the AL East and got a handful of contributions from...

Sports3 hours ago

What case Brock Purdy believes he made to be 49ers’ starting QB in 2023

Brock Purdy explained his case for being the 49ers starting quarterback next season to reporters Wednesday.

Sports3 hours ago

Travis Kelce on Cincinnati Mayor Aftab Pureval: ‘You’re not a weenie anymore’

Travis Kelce seems to have respect for Cincinnati Mayor Aftab Pureval, despite talking trash to him Sunday.

Sports3 hours ago

Super Bowl 2023: Some notable player props, including Patrick Mahomes and Jalen Hurts

BetMGM has player props available for Super Bowl LVII.

Technology Hot News

Technology2 weeks ago

Led by "Amazon" and "Microsoft" .. the technology giants are planning to lay off 64,000 employees

After 10 years of driving the stock market bull run, big tech companies are racing to downsize staff to adapt...

Technology2 weeks ago

Apple introduces MacBooks with new M2 processors

Yesterday, Tuesday, Apple unveiled MacBooks powered by the new, faster “M2 Pro” and “M2 Max” processor chips, in a surprise...

Technology2 weeks ago

All you need to know about the upcoming Galaxy S23 phones from Samsung

Samsung has officially announced that the (Galaxy Unpacked 2023) event will be held this year on Wednesday, February 1, which...

Technology2 weeks ago

FTX Exchange Announces Hacking and Stolen $415 Million in Cryptocurrency

Bankrupt American cryptocurrency firm FTX announced today, Wednesday, that $415 million in cryptocurrency has been hacked and stolen from the...

Technology2 weeks ago

Because of a "fraudulent tweet"… Elon Musk's trial begins

Elon Musk's trial began Tuesday in San Francisco with the selection of jury members who will have to decide whether...

Technology2 weeks ago

An electric spoon replaces salt and spices, but with conditions

Experts have developed an electric spoon that is able to replace spices and flavors and affect the taste buds in...

Technology3 weeks ago

The biggest dangers of using tracking devices.. so you can escape?

If you spot an unknown Bluetooth tagging device, there are ways to disable the device so it can't track your...

Technology3 weeks ago

New Twitter.. For You tab to web version

The Twitter platform announced that it will bring the new tab (For You), which launched last Tuesday for iPhones and...

Advertisement