2021-10-10

China Still Trust Busting BigTech

Reuters: No let up in China's aim to curb tech monopolies, says cbank governor
The central bank will work with anti-monopoly authorities to prevent firms from abusing dominant market positions and actively deal with new monopoly problems, Yi said at a meeting of the Bank for International Settlements on Thursday.

China will implement regulations that require platform companies engaged in financial business to establish financial holding companies, according to Yi's speech published on the central bank's website.

China is treating technology companies as the natural monopolies they are, while U.S. "anti-trust" regulators and courts approve the takeover of the U.S. economy by a handful of major firms. Maybe the financial sector should be wiped out by cryptocurrency and technology firms, and China's CCP is protecting itself more so than the financial sector, but the U.S. will have to deal with its monopolies eventually.

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