Tencent backs antimonopoly rules

Tencent Holdings Ltd said the draft rules on antimonopoly in the internet sector issued by market regulators emphasized ensuring fair competition and bolstering innovation, and safeguarding the legitimate interests of all parties.

The company said such laws and regulations are not new, nor are they unique to China. As companies get bigger and contribute more to the economy, more regulation will be implemented, not just in China but around the world, it added.

Tencent noted the authority is still very supportive of the internet and technology segment, especially the innovative development of the industry, with the purpose of avoiding improper behaviors and ensuring the long-term healthy development of the industry.

"Our platform is naturally open and we work with lots of partners," Tencent said, adding they become stronger because of competition, and there will be good competition mechanism within the company.

The State Administration for Market Regulation unveiled proposals on Tuesday that include guidelines on how antimonopoly measures should be applied to internet companies. It said the laws are aimed at protecting fair competition in the market and safeguarding consumers' interest.