China plans to push tech giants, including Ant Group Co (螞蟻金服), Tencent Holdings Ltd (騰訊) and JD.com Inc (京東), to share consumer loan data to prevent excess borrowing and fraud, two people with knowledge of the matter said, in Beijing’s latest tightening of scrutiny.
The plan, if implemented, would effectively end the government’s laissez-faire approach to the industry. Large Internet platforms have tended to resist handing over their data, a crucial asset that helps them run operations, manage risk and lure new customers.
Chinese regulators, including the central bank, plan to instruct Internet platforms to feed their vast loan data to some
Jan. 11, 2021 9:31 am ET
A U.S.-born approach to defining how computer processors work presents a potential steppingstone to chip independence for Chinese tech companies that face growing limits from Washington on buying American semiconductors.
The so-called RISC-V technology offers an openly accessible approach to running the brains that power personal computers, smartphones and servers. It is an emerging rival to two, long-dominant proprietary models from Intel Corp. and Arm Holdings Ltd., a British company that U.S. graphics-chip maker Nvidia Inc. agreed in September to acquire for $40 billion.
The standard is winning global interest, and early users include Chinese online retail and tech giant Alibaba Group Holding Ltd. , which developed what some industry insiders consider the highest-performance RISC-V chip in production. Alibaba has said it is using that chip in its data centers to perform artificial intelligence calculations, and is selling versions of it.
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China threatens to bring stringent anti-monopoly laws against Internet platforms
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The authorities urged Internet platforms to regulate businesses according to laws. Government agencies will remain highly vigilant against risks from private funds, online lending and apartment renting platforms amid the coronavirus outbreak.
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The Chinese government agencies have pledged to strengthen law enforcement and judicial work against monopolies and unfair competition this year. The decision came during the annual central conference for China’s judicial, prosecution and public security work.
The meeting was held on Saturday and Sunday in Beijing, according to a statement on the WeChat account of the Commission for Political and Legal Affairs of the Communist Party Central Committee.
“You need to be very mindful of who ultimately controls regulations, who controls licensing of who’s in charge,” said Mark Natkin, managing director of Beijing-based Marbridge Consulting. “And if you forget and you start to be overly critical or take too much of a role that normally belongs to the party, then you’re going to get chopped down a notch or two.”
Beijing has moved to fundamentally overhaul Ma’s trillion-dollar internet empire since demolishing Ant’s $35 billion public offering in November, a record-breaking debut that was to have been the entrepreneur’s crowning achievement. Authorities then forced his online finance titan to cap loans and devise a plan to hive off its most lucrative businesses. The government also launched a probe into alleged anti-competitive practices at Alibaba. The billionaire has not been seen in public since November and his absence from the recent taping of an African TV program he created spurred speculation of his whereabout