The State Administration of Market Regulation , which is similar to South Africa’s Competition Commission, said it would further regulate the sharing economy, a sector that includes companies facilitating ride-sharing, bike-sharing, home-sharing and even the pooling of battery packs for phones.
In May, three financial regulators widened curbs on China's cryptocurrency sector by barring banks and online payment firms from use of cryptocurrency for payment or settlement. They also barred institutions from providing exchange services between cryptocurrencies and fiat currencies, and prohibited fund managers from investing in cryptocurrencies as assets.
“The government’s list of policy considerations is diverse, but broadly encompasses data privacy, national security, socio-economic considerations, and a recognition that regulatory oversight has not kept abreast with the expanding reach and influence of China’s online sector,” Fitch said.
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