Antitrust regulation of financialization of superplatforms
ZHU Wenhui
Abstract：The systemic financial risks that may be associated with the financialization of superplatforms have attracted extensive attention from the international community.China's existing regulatory measures focus more on the prevention of possible financial risks from the perspective of ex post fintech governance of superplatforms across financial industries,and to a certain extent neglect the construction of ex ante anti-monopoly regulatory system.Based on the requirements of the quasi-public space attribute of super-platforms,the encouragement of innovation and the need to prevent and resolve systemic financial risks,it is necessary to carry out anti-monopoly regulation on the transformation of super-platforms'financialization.However,the effective implementation of anti-monopoly regulation still needs to realize the value balance between platform autonomy and external regulation,effectively respond to the impact of market order under the possibilities of winner-take-all and big-but-not-fail,and effectively configure the supervisory powers of different authorities in financial supervision and competition enforcement.Based on the improvement of market competition order in the financialization of super-platforms,the effective implementation of antitrust regulation should focus on the construction of a regularized antitrust regulation mechanism,the promotion of internal compliance construction of platform enterprises,and the promotion of the modernization such as digitalization and intelligence to better realize the antitrust regulation of the financialization of superplatforms.
Keywords：superplatformsfinancializationfinancial risksantitrust regulation
Publication Date：2025-11-15
Online Publishing Date：2025-12-12(First online date of this platform, not the publication date of the document)
Pages：9( 87-95 )