China clears law to penalise internet firms for abusing market competition

In a further crackdown on Internet and digital companies, China has cleared a revised anti-monopoly law that will shut loopholes in existing regulation in terms of abusing market dominant position, drawing a bottom line for private tech firms on “illicit acts that threaten fair market competition”.
The amendment will take effect on August 1.
China’s top legislature on Friday passed an amendment to the anti-monopoly law in an effort to foster a fair, transparent and predictable environment for business operators.
China has been strengthening supervision on the internet economy in the past two years.