[Asia Economy Reporter Dongwoo Lee] China's antitrust authorities are strengthening regulations on big tech companies by designating major online platforms such as WeChat and Alipay, which exceed a certain scale, as 'super-large platforms' and imposing separate self-discipline obligations related to antitrust issues.
According to Chinese media on the 30th, the State Administration for Market Regulation (SAMR) announced in an opinion paper the day before that internet platforms will be classified into three tiers based on their scale: super-large, large, and small-to-medium.
The administration defined 'super-large platforms' as those with over 500 million active accounts annually and an estimated year-end market capitalization of over 1 trillion yuan (approximately 183 trillion won).
According to these criteria, applications such as WeChat and Alipay (mobile messenger and electronic payment platforms), Taobao (e-commerce), and Douyin (the Chinese version of TikTok, video platform) will be managed as super-large platforms.
The opinion paper states that operators of 'super-large platforms,' given their advantages in scale, data, and technology, must play a leading role in demonstrating fair competition and adhere to principles of fairness and non-discrimination. They must also establish sound data security reviews and internal control mechanisms.
Furthermore, in handling users' personal information, cross-border data transfers, and the development of data related to public interest, they must strictly ensure data security in accordance with the law.
Super platform operators are required to conduct risk assessments at least once a year to identify various risks that may arise from internet platform services.
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