China considers creating state-backed company to oversee tech data

Beijing has grown increasingly wary of the might of companies such as Alibaba and Tencent and their potential to influence public opinion. — AP

China’s government has proposed establishing a joint venture with local technology giants that would oversee the lucrative data they collect from hundreds of millions of consumers, according to people familiar with the matter.

The preliminary plan, which is being led by the People’s Bank of China, would mark a significant escalation in regulators’ attempts to tighten their grip over the country’s internet sector. It envisions the creation of a government-backed entity along with some of China’s biggest e-commerce and payments platforms, the people said, asking not to be identified as the discussions are private.