SINGAPORE — China has drafted a slew of new anti-monopoly laws that will likely hit the country’s major internet companies, says Morgan Stanley.
It comes as the competitive landscape in China intensifies and tech giants continue to fend off new rivals that are taking away chunks of their market share, according to a report by the investment bank.
China’s bureau for regulating monopolies — the State Administration for Market Regulation (SAMR) — issued draft rules on Tuesday to stop anti-competitive practices in the internet sector. It said the laws are aimed at protecting fair competition in the market and safeguarding consumers’ interest.
SAMR is seeking public feedback on the draft rules until Nov. 30. Read from source….