China’s move to draft rules aimed at preventing monopolistic behaviour by internet platforms is “timely and necessary”, Alibaba Group CEO Daniel Zhang said on Monday, reported Reuters.
Speaking at the World Internet Conference, Zhang said Chinese internet companies have moved to the forefront of the global industry with the help of government policies, but regulations need to evolve.
The 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,” he said.
The annual event from Nov. 23-24 organised by the Cyberspace Administration of China takes place as the country’s internet giants including Alibaba, Tencent Holdings and Meituan face increasing government scrutiny.
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