Tech

India should stop ‘regulatory attacks’ against Chinese companies, China State Media says after Xiaomi allegation


India should stop “regulatory attack” against Chinese companies, China’s Global Times newspaper said, after smartphone maker Xiaomi accused it of threatening “physical violence” in the past. surveys in India.

Reuters reported on Saturday that Xiaomi told a court that its top executives faced threats and coercion during questioning by Executive Committee Investigate illegal money transfers. The agency, the Bureau of Enforcement, called the allegations “untrue and baseless”.

Citing the story, the Global Times in a news article late on Sunday said the uncertainty surrounding “Xiaomi’s regulatory predicament should raise a red flag for India” and asked New Delhi stops “regulatory assault on Chinese companies”.

“The impression that Chinese and other foreign companies can be targeted and purposefully suppressed is not something good or beneficial for India,” it said.

“It is important for India to maintain normal and effective communication and coordination with Chinese investors.”

Many Chinese companies have struggled to do business in India due to tensions following a border clash in 2020. India has cited security concerns by banning more than 300 Chinese apps since from there – including TikTok – and tightened norms on Chinese companies investing in the country.

The Global Times is a nationalist tabloid published by the Communist Party’s People’s Daily. Its positions do not necessarily reflect the official thinking of policymakers.

The Bureau of Enforcement and a government spokesman did not immediately respond to a request for comment by the Global Times. Xiaomi, the largest smartphone seller in India with 24% market share and 1,500 employees, also did not respond.

ED on April 29 seized $725 million (approximately Rs 5,600) in Xiaomi’s bank account in India, saying it had made illegal remittances abroad “in the form of money license”.

A court last week upheld the agency’s decision and the next case will be heard on May 12. Xiaomi denies any wrongdoing and says all royalties payments are legal. France.

To be fair, Xiaomi has not been able to communicate effectively with Indian regulators. “What happened to Xiaomi can be seen as another example of India’s crackdown on Chinese companies.”




Source link

news7g

News7g: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button