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KT edit: Rein in Big Tech

The regulations announced by Beijing on Tuesday aim to clamp down on the growing power of Chinese tech companies

Big tech is under fire globally as it penetrates deep into every aspect of our lives, right from social media to e-commerce, education, health, finance, and more. There is no escaping it. Governments worry if they would have to eventually surrender too much control to algorithms and the companies that employ them. The thought is frightening as the likes of Amazon, Google, Facebook, etc., have managed to duck anti-monopoly laws and left authorities wondering how to maintain a balance between a hands-off approach for the sake of innovation and development and regulations so as to curtail the growing influence big tech has on millions of lives.

The debate to rein in tech firms has been raging in the West, and now China too has joined the battle. The regulations announced by Beijing on Tuesday aim to clamp down on the growing power of Chinese tech companies. The scrapping of the $37-billion Ant Group IPO has also sent just the right signals. Self-regulation has not worked for the sector that has grown exponentially in power and revenue. Competition has been squeezed out and realms expanded. The anti-trust regulators in the US and the EU have been debating the way forward for the industry. As China joins, churning of ideas worldwide could throw up some worthy solutions.