A senior official at China’s banking regulator has warned that technological advances in the financial industry risk creating monopolies, a day after Beijing unveiled new antitrust rules for the nation’s largest internet groups, reported the Financial Times.
The warning helped fuel a second day of selling of Chinese tech stocks, wiping a total of about US$254 billion in market value off e-commerce groups such as Alibaba, JD.com, and Tencent.
“Special attention must be paid to the new risks brought about by the digital transformation [of financial services],” said Liang Tao, vice-president of the China Banking and Insurance Regulatory Commission at a forum in Beijing on Wednesday, November 11. “This is especially true with cyber security, data protection and market monopoly.”
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