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  • Beijing's actions come on the heels of growing regulatory action elsewhere against Tech.

  • The U.

  • S Justice Department suing Google for antitrust violations last month.

  • The European Commission filing antitrust charges against Amazon on Monday.

  • Let's go now to our financial correspondent in Frankfurt, Chelsea Delaney.

  • I do not believe that is Chelsea.

  • Maybe we can try and get Chelsea up.

  • There's Chelsea.

  • Good morning, Chelsea.

  • Going back to China here.

  • What is the reason for this crackdown on tech right now that we're seeing well, China is clearly sending a strong message to its homegrown tech giants that this age of freedom that they have had over the past several years, it's allowed them to grow into these giants is really coming to an end.

  • And China was known for having quite a light touch towards regulating its tech companies.

  • But it's starting to share the same concerns that we're seeing playing out in the West, which is that these companies have too much power.

  • They have too much consumer data and they're really creating an environment where other tech companies just can't thrive, and we are seeing a consensus not just in China but in the US and Europe is well that that's really bad for business.

  • That's bad for for the tech scene.

  • And that's bad for consumers as well.

  • Now Chelsea, we mentioned there, the EU and the US also pursuing similar antitrust measures Are investors bracing for an air of greater tech regulation?

  • Absolutely, these companies air under really unprecedented amount of pressure.

  • We're seeing not just China cracking down, but the U.

  • S.

  • That you all are really taking new action against these companies.

  • And what they're looking at now is not just finds that we've seen over the past couple of years that you, for example, is handed down several multibillion dollar fines to companies like Apple or Alphabet.

  • It hasn't really had much of an effect on these companies business, in part because they have really immense amount of cash on their balance sheet.

  • But now we're moving into a new era where where regulators around the world aren't just looking at finds, they're also looking at really reshaping and rewriting tech laws that would directly target these companies ability to to grow.

  • And that definitely is a big concern for investors.

  • Alright, Chelsea Delaney in Frankfurt.

Beijing's actions come on the heels of growing regulatory action elsewhere against Tech.

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China drafts anti-monopolistic legislation against tech giants | DW News

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    林宜悉 posted on 2020/11/13
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