China

China cyberspace regulator drafts new rules for internet behemoths – sources

Reuters
China cyberspace regulator drafts new rules for internet behemoths – sources

CHINA. The Chinese national flag is seen in Beijing, China, April 29, 2020.

Thomas Peters/Reuters

Chinese tech platforms with more than 100 million users or are worth more than $1.58 billion will need government approval for undertaking investments or fundraisings

China’s cyberspace regulator has drafted new guidelines that will require the country’s internet behemoths to obtain its approval before they undertake any investments or fundraisings, sources familiar with the matter said on Wednesday.

The proposed requirements from the Cyberspace Administration of China (CAC) will apply to any platform company with more than 100 million users, or with more than 10 billion yuan ($1.58 billion) in revenue, they said.

Any internet firm involved in sectors named on the negative list issued by China’s National Development and Reform Commission last year will also need to apply for approval, the sources said.

The sources declined to be name as the information was not yet public. The CAC did not immediately respond to a Reuters request for comment. – Rappler.com