'Secret to success is not monopoly,' China tells online platforms: state media
SHANGHAI (Reuters) - Chinese internet platforms should protect the rights of consumers and avoid becoming monopolies, state media outlet China Daily wrote on Thursday.
In an editorial, the paper noted how two apps, UC Browser and 360 Search, were featured in an expose televised by state broadcaster CCTV that accused them of violating consumer rights.
Platform companies, the piece's unnamed author said, "must recognize that the secret to success is not monopoly, but perpetual innovation and long-term value creation."
"If the interests of consumers and platform businesses are not protected, platform enterprises themselves will suffer," the piece said.
China has stepped up scrutiny of its internet giants in recent months, citing concerns over monopolistic behaviour and potential infringement of consumer rights.
Following the television show, UC Browser issued an apology and said it had begun an investigation and taken corrective measures. Various app stores in China subsequently removed it from their listings.
UC Browser is backed by Alibaba Group Holding Ltd, which itself is in the midst of an anti-monopoly probe from Chinese authorities.
(Reporting by Josh Horwitz; editing by Richard Pullin)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Japan's finance minister gives fresh warning on excessive yen moves
- Tesla Semi trucks in short supply for PepsiCo as its rivals use competing EV big rigs
- Fed says 1,804 banks and other institutions tapped emergency lending facility
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!