China

China issues new anti-monopoly rules targeting its tech giants

BEIJING (Reuters) – China’s market regulator released new anti-monopoly guidelines on Sunday that target internet platforms, tightening existing restrictions faced by the country’s tech giants.

FILE PHOTO: People check their phones during the third annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province, China November 17, 2016. REUTERS/Aly Song

The new rules formalise an earlier anti-monopoly draft law released in November and clarify a series of monopolistic practices that regulators plan to crack down on.

The guidelines are expected to put new pressure on the country’s leading internet services, including e-commerce sites such as Alibaba Group’s Taobao and Tmall marketplaces or JD.com. They will also cover payment services like Ant Group’s Alipay or Tencent Holding’s WeChat Pay.

The rules, issued by the State Administration for Market Regulation (SAMR) on its website, bar companies from a range of behaviour, including forcing merchants to choose between the country’s top internet

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How Should Fashion Entrants to China Approach COVID-19 Rebound?

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LONDON — Everybody wants a slice of China’s booming luxury and fashion market, especially after the coronavirus put a stop to many businesses around the world.

It’s indeed fascinating to hear stories about how loyal Chinese consumers would queue outside Chanel and Hermès stores moments after the pandemic was contained and spend a record-breaking sum of money on high-price items, and how Burberry’s 100 limited-edition Pocket Bags in collaboration with Mr. Bags sold out within 44 seconds on his WeChat mini-program.

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McKinsey predicts Chinese consumers will account for 40 percent of the world’s luxury spending by 2025, but the growing demand is likely to be trapped in the country until 2021 due to pandemic disruptions. Because of this, China’s retail market is expected to overtake the U.S. and become the world’s largest as early as this year.

But

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Biden, Trump Quit Praising Xi to Feud Over Who’d Be Tougher on China

(Bloomberg) — Donald Trump and Joe Biden used to brag about how well they knew Chinese President Xi Jinping. Barely four months from election day, the talk has turned to who can be tougher on Beijing, with a tell-all book by Trump’s ex-national security adviser adding to the fray.

“Trump rolled over for the Chinese — he took their word for it,” the narrator in one Biden ad says of Trump’s handling of the coronavirus pandemic. A Trump spot counters: “China is the greatest threat to America’s security and our values. Career politician Joe Biden is weak on China.”

Those ads, piggybacking on bipartisan fury in the U.S. at China’s early missteps in alerting the world to the coronavirus outbreak, underscore that Beijing is at the center of this year’s presidential campaign more than any other foreign policy issue.

Former National Security Advisor John Bolton’s new book, which the Justice

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