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
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.
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.
Earlier this month the
planned $37 billion share market listing of Alibaba affiliate Ant Group was
suspended after regulators warned its lucrative online lending business faced
tighter scrutiny.
Alibaba's
e-commerce marketplaces and payment services are also expected to face greater
oversight under the draft rules published on Nov. 10 by China's market
regulator, which said it wanted to prevent platforms from dominating the market
or from adopting methods aimed at blocking fair competition.
Zhang is one of the few
Chinese technology chiefs to appear publicly at the event after it was scaled
down due to the COVID-19 pandemic. Other chief executives such as Qualcomm
Inc's Steve Mollenkopf delivered remarks via video.
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