What’s new: The State Council, China’s cabinet, said multiple government departments will roll out new policies by September to fight monopolies and prevent “disorderly capital expansion,” in a bid to safeguard fair market competition.
The announcement was made in a statement (link in Chinese) released Thursday.
The government bodies include the National Development and Reform Commission, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, the Ministry of Finance, the Ministry of Commerce and the People’s Bank of China.
The background: China has recently stepped up anti-monopoly practices against the country’s sprawling tech giants, seeking to rein in the aggressive expansion of companies such as Alibaba Group Holding Ltd. and Tencent Holdings Ltd.
The government work report delivered at the annual meeting of the country’s top legislature placed confronting monopolies as one of the government’s top priorities this year.
Related: In Depth: China Fine-Tunes Anti-Monopoly Guidelines to Tackle Abusive Platforms
Contact reporter Tang Ziyi (ziyitang@caixin.com) and editor Marcus Ryder (marcusryder@caixin.com)
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