China officials have been clamping down on big tech companies to dictate the nation's socialist ... [+] market economy system. Monopoly PowerChina’s regulators have recently launched an investigation probe into Alibaba and Tencent for alleged monopoly practices as part of its anti-competition initiative. Alibaba will actively cooperate with the regulators on the investigation,” Alibaba said in a statement. The two Chinese tech titans had lost value in shares shortly after the public probe. Where using data for personalization are normally governed by the market, China’s authoritarian state holds power over this decision.

Source: Forbes December 31, 2020 14:26 UTC