Is China's new anti-monoply law the start of a new era? Pascal China Lens week 38

Title: Is China's new anti-monoply law the start of a new era?
Website: https://www.pascalcoppens.com/

CONTENT
I explain how China is regulating its market against anti-monoply. This is not intended to limit or control China's Big Tech, but to protect consumers, competitors, merchants and the market to grow more heathy. It should help China become more innovative faster, give more room for startups to grow and prepare Big Tech to compete outside China with same weapons.

TRANSCRIPT
Now, this week we're going to talk about the anti-monopoly law
because this is something we've heard in the news.
Beijing has asked or fined alibaba with a 2.8 billion dollar fine so what is it all about and what does it mean for the internet?
If you haven't subscribed to my channel yet do so now.
I would really enjoy it because I want to get to a hundred thousand subscribers by the end of this year.
For many many years, I've been telling people that these data ecosystems, these Alibabas, these Tencents,
I mean they're creating these huge conglomerates in every industry possible.
They have so much data and insights, that they can offer better service, better business models, better products
to all these consumers and this is really thriving in China.
It's marvelous to see but very often people were telling me if that's the case in China and it is,
then this has everything to do with the regulation.
It's because the foreign companies like Google, Amazon, Facebook are not allowed in China,
it's because there's no rule of law in China meaning that even if the law is getting better, it's not getting executed.
The penalties are very low and so nobody really gives a damn.
On top of that there has been this regulatory void for many many years where companies like Ant Financial
could suddenly become the biggest Fintech in the world.
I've always said to give it a couple of years and we'll see what happens
because China will get its act together when it comes to these laws and the execution of it.
Just last week, when we saw that Alibaba got fined 2.8 billion US dollars
then everybody was saying, "Well, this is serious now, this is for real,"
but you see now in every media news space that everybody is talking about this Beijing power play.
They want to have control over these giants, they don't want these platforms to grow,
they have a grudge against Jack Ma.
So, much of it has a negative connotation.
Well actually, we've been saying for many many years that the reason that these platforms could grow so fast
is because there was no regulation.
Now there is a regulation, why don't we see this as a good thing?
I see it as a good thing and I'll explain why.
It all started really on October 24th, that's when Jack Ma at the Bund Summit in Shanghai gave a speech
and basically said to these regulators that the new world of technology works differently,
we're not going to fix our situation by abiding according to the regulations of the old world.
He might have said that but it didn't really help much because a week later the Ant IPO was stopped
and everybody connected these two.
I think Jack Ma was just unfortunate to have said it at that time
but most likely because these regulations were already in the making,
the IPO was already under discussion before that and will stop.
Maybe it's a good thing for Ant because otherwise they would have to clean up house much bigger
and have much bigger problems.
So, I don't know but what's clear is that on November 10th these new guidelines on the anti-monopoly law
were actually made available, that was the first draft.
So, everybody could look into it and really see that this is for real now, and every big platform,
every big internet company in China will have to abide according to these laws.
Then just two weeks later, we saw that Beijing was looking into an anti-trust probe and checking Alibaba
to see what they did wrong, to take misadvantage or abuse their monopoly position against others.
...

KEYWORDS

Pascal Coppens, China, innovation, trends, keynote, speaker, public speaker, anti-monopoly, alibaba, tencent, China big tech
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Видео Is China's new anti-monoply law the start of a new era? Pascal China Lens week 38 канала Pascal Coppens