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Under draft rules proposed on Wednesday, the People’s Bank of China (PBOC) can advise the state council’s antitrust committee to stop companies abusing their dominant position or even break up a non-bank institution if it “severely hinders the healthy development of the payment service market”.
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“The finance industry is becoming more and more dependent on information technology, leading to a growing urgency in ramping up antitrust efforts in this sector,” said Liu Xu, a researcher at the National Strategy Institute of Tsinghua University.
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