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From tech to education, China’s season of regulatory crackdown

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ElitesMindset Editorial Team
ElitesMindset Editorial Team
Suleman Siddiqui, an accomplished editor, navigates the realms of celebrity, lifestyle, and business with a distinctive flair. His insightful writing captures the essence of the glamorous world of celebrities, the nuances of contemporary lifestyles, and the dynamics of the ever-evolving business landscape. Siddiqui's editorial expertise combines a keen eye for detail with a passion for storytelling, making him a sought-after voice in the realms of entertainment, luxury living, and commerce.

In response to rising drug concerns, Chinese regulators have barred players under the age of 18 from spending an hour playing online games on Fridays, weekends and holidays. In sports, state media reported on Monday.

Technology companies eye IPO
According to someone familiar with the matter, China is developing policies to ban Internet companies that pose a potential security risk from listing outside the country, including the United States.

Companies involved in ideological issues are also expected to be banned, and the individual declined to be identified as an individual matter.

Cloud Computing
China is building its own cloud-backed state organization, Ku Ji Yun, as a direct threat to technology companies such as Alibaba, Hawaii and Tencent Holdings.

The Chinese city of Tianjin has asked municipal-controlled companies to move their data from private sector operators Alibaba Group and Tencent Holdings to state-backed cloud systems next year.

economic forum
China is trying to toughen rules for technology companies, including e-commerce companies and social media sites, that are used to target users.

China’s Cyberspace Administration said in a statement on Friday that companies should adhere to business ethics and integrity policies and not set algorithmic models that guide users to spend large sums of money. Spend money in a way that is disruptive to money or public order.

In April, the State Administration of Market Regulation fined Alibaba $2.75 billion for participating in a “choose one of two” training in which an e-commerce site was banned by sellers from selling competing sites. .

Penalized small companies for consumer and other practices related to labor rights.

In May, rival fined 300,000 yuan for publishing false information about its food products.

The regulator also ordered Chinese food delivery companies to provide better protection for workers.

Celebrity Fan Club
China on Friday broke what it described as a “chaotic” celebrity fan culture, barring sites from publishing lists of celebrities and regulating the sale of fan products after a series of controversies involving artists.

Beijing has introduced rules banning for-profit educational institutions from raising capital abroad.

The rules also state that teacher centers must be registered as nonprofits, not offer programs for lessons taught in public day schools, and ban classes on weekends and holidays.

A competitive higher education system has made educational services more popular among parents, but the government has sought to reduce childcare costs in an effort to establish a backward birth rate.

online finance
In November, shortly before Ant Group Co Ltd listed a record share sale, bank regulators in China issued draft rules calling for stricter online restrictions. Credits, Ant is a great player.

There are limits to cross-provincial online loans and limited loans to individuals.

The next day, the People’s Bank of China suspended the Ant Group IPO. In April, the regulator called on Ant to separate the payments business from the personal finance business.

In June, China’s cyberspace management asked major boarding company DT Saxing to stop accepting new users within days of going public on the New York Stock Exchange.

The move would reduce the company’s share price by about a fifth.

Analysts and investors said Didi’s action was more about big data and foreign listings of Chinese companies than competitive practices.

The regulator initially cited consumer privacy breaches, but later issued separate draft rules to conduct security reviews before data-rich Chinese companies list overseas. .

During the CAC hearing, China’s market regulator forced Didi and other companies to pay a fine of 500,000 yuan for filing reports on the acquisition of smaller companies.

In May, three financial regulators extended restrictions on China’s cryptocurrency sector, banning banks and online payment companies from making payments or settlements in cryptocurrencies.

They prohibited companies from providing exchange services between cryptocurrencies and fiat currencies, and prohibited fund managers from investing assets in cryptocurrencies.

In the following weeks, provincial-level governments took action to ban bitcoin mining.

Those sanctions sparked waves of mining attacks across the country, with the cutting-edge global daily Global Times estimating that 90% of mining operations would stop in the short term.

China’s housing minister and seven other regulators have called on the property management sector to “reform the order”.

As China’s economy continues to grow in 2020 after a collapse due to the coronavirus, officials stepped up efforts to curb old real estate loans this year in hopes of curbing the property bubble.

Other bills include limits on borrowing from developers known as the “Three Red Lines” and limits on bank property loans.


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