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China's Key Data Sharing Mandate Wreak Double Whammy For Tech Industry Amidst Increased Antitrust Probe: Bloomberg

China's Key Data Sharing Mandate Wreak Double Whammy For Tech Industry Amidst Increased Antitrust Probe: Bloomberg
China’s instruction to technology giants regarding key data sharing acts as a double whammy for its tech companies recuperating from increased antitrust scrutiny, Bloomberg reports.

The U.S. reportedly delayed license approval to American companies for selling chipmaking equipment to China’s semiconductor giant Semiconductor Manufacturing International Corp (SMIC) (OTC: SMICY) (OTC: SIUIF) despite the semiconductor crisis.

China Communist Party prioritized data disclosure regarding search, e-commerce, and social media by the tech companies for the next five years to promote the healthy development of the sharing and online economies. Beijing was also launching a platform for sharing public and government data.

It is the first instance of China government’s prioritization of data disclosure by private-sector companies. However, Chinese Communist Party leader Xi Jinping previously acknowledged the importance of data.

Beijing initiated an extensive crackdown on alleged monopolistic practices by its giant internet industry last November over concerns regarding the growing influence of its largest private corporations from voluminous data collection.
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