Daniel Zhang Says China’s Draft “Convenient And Necessary”

The CEO of Alibaba said on Monday, that China’s move to draft rules aimed at stopping monopolistic behavior by internet platforms is “timely and necessary”. While speaking at the World Internet Conference, Zhang said Chinese internet companies have moved to the firing-line of the global industry with the help of government policies, but regulations need to improve.

He said, The industry’s “development and government supervision is a relationship that promotes and  depends on each other, so that platform enterprises cannot only develop well themselves, but also serve the long-lasting and healthy development of the whole society.”

Earlier this month the planned $37 billion share market listing of Alibaba affiliate Ant Group was put on hold after regulators warned its profitable online lending business faced tighter inspection. Alibaba’s e-commerce marketplaces and payment services are also expected to face greater lapse under the draft rules published on Nov. 10 by China’s market regulator.