Alibaba Group Holding Ltd (NYSE: BABA) CEO Daniel Zhang said that Beijing’s draft rules to prevent monopolistic behavior by China’s internet platforms are “timely and necessary,” Reuters reported Monday (Beijing time)
What Happened: Zhang, speaking at the World Internet Conference held in Wuzhen, China, said that the country’s regulations need a shakeup.
The Chinese internet industry’s “development and government supervision is a relationship that promotes and relies on each other, so that platform enterprises cannot only develop well themselves, but also serve the sustainable and healthy development of the whole society,” the Alibaba CEO said.
The annual conference takes place on Nov. 23 and Nov. 24 and is organized by the Cyberspace Administration of China, the country’s internet watchdog and censor.
China’s internet giants such as Tencent Holdings Limited (OTC: TCEHY), Alibaba, and Meituan (OTC: MPNGF) are reportedly under greater government scrutiny.
Why It Matters: The draft rules, published Nov.