China Steps Up Antitrust Pressure on Internet Firms
Dozens of domestic internet companies are being heavily scrutinized by Chinese regulators for possible antitrust violations. The antitrust watchdog, cyber police and tax authorities have paid visits tot some of the companies. Didi Chuxing Technology Co. was one of the firms visited by government agencies when executives were questioned, financial records and contracts were downloaded and emails and internal communications were collected.
These moves are part of a regulatory review after submissions of self-examinations by 34 technology companies were summoned by authorities in April. The antitrust watchdog asked for follow ups on the investigations. Beijing is intensifying regulatory scrutiny of China’s technology center, but the regulatory review does not guarantee the companies would face any punishment.