China wants to suppress Internet giants

China has proposed new rules aimed at controlling the power of its largest internet companies.

These rules suggest increasing unrest in Beijing with the growing influence of digital platforms.

The new rules could affect homegrown tech giants such as Alibaba, Ant Kit Group and food delivery platform Metuan, such as Tencent.

The move comes as the European Union and the US are also trying to curb the power of internet giants.

Chinese tech stocks fell sharply after the proposed rules were announced on Tuesday.

The news came as JD.com and Alibaba were preparing for Singles Day, the annual sale of online sales which is their biggest day of the year.

Selling continued on Wednesday, with Alibaba, JD.com, Tencent, Xiaomi and Mituan all hitting lows, reducing their combined value by more than b 200bn (150bn).

What do the rules do?

The new rules will try to prevent companies from sharing sensitive customer data, creating teams to squeeze out smaller competitors and sell losses to eliminate competitors.

They also said they would be forced into a special system of doing business on the platform, which Alibaba had accused by traders and competitors.

The rules will also target companies that behave differently based on customer data and spending habits.

SAMR seeks public reviews and feedback on the no-confidence guide by the end of the month.

How dominant are these companies?

Alibaba and JD.com dominate China's retail online market, accounting for about three-quarters of Chinese ecommerce.

As of September, Alibaba had amassed 881 million mobile monthly active users - more than half of China's population.

Beijing has raised separate concerns about Alibaba's subsidiary Ant Group, which launched its stock market last week after regulators raised concerns about the growing power of online lenders and how they could affect the wider financial system.

The stock market offering fur should be the largest in the world.

Ant has about 1.3bn users, mostly in China, where it operates the country's dominant digital payment system, Alipay.

Having a competitive payment system and is also the largest gaming company in the world, it may also come for testing.

Global trends?

If the Chinese authorities are concerned about the explosive development of some Internet platforms, it is not alone.

The European Union has announced anti-trust charges against Amazon, which it accuses of abusing its market power in Germany and France. U.S. The Justice Department has called the tech giant a "monopoly to the Internet."

It is the largest antitrust lawsuit in the United States since the lawsuit against Micros.ft in the late 1990s.

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