The war against Alibaba is a battle of old and new but simple economic theories.

A new golden harpoon has been unleashed on the Chinese territory. And it’s reverberating fear and terror across many board rooms with some companies packing their bags and exiting the region. Others are voluntarily handing themselves in.

34 tech companies – including giants Baidu, Inc. Tencent, and ByteDance the owner of TikTok. – had been summoned and urged to “heed the warning” provided by Alibaba Group fine.

It is prodigious because it is designed to set a market example. And not only that, there is even a change in what we consider as the scope of the #innovation market.

The firms have been given one month to undergo “complete rectification” – a rigorous self-assessment to ensure they are not in breach of monopoly laws, a statement by the State Administration for Market Regulation said.

Citi has decided to exit the “consumer” banking market in China. It’s quite a move considering that the regulator has introduced new centrifugal forces such as consumer protection and market efficiencies as the ethos of the economic #growth.

The #tech companies must also ensure they are not doing anything that “harms the interests of operators and consumers,” the statement emphasized, urging the companies to give “priority to national interests”.

Originally appeared on Linkedin

By Bhengu Thabiso

Head of Marketing At Ashanti AI

Related posts:

Start-ups face extraordinary challenges in terms of ethics as compared to large corporations. Because start-ups are so small with little press or oversight, ethics can be one aspect where they fall…

The NHS is far from perfect and a single-payer healthcare system is not the only model of universal healthcare that works. However, our love for the NHS reflects that of a state religion, preventing…

look at the disadvantages of black culture and traditions. These toxic attitudes and behaviors sabotage the next generation of black children. Parents and families must understand the importance of black success and teach their kids accordingly. These are things we should no longer do …