China’s central bank vowed to keep its eye on monopolistic behaviors and consumer data security matters occurring on internet platforms. The move—claimed by regulators to be for fair competition—was to tap the wealth, said an observer. Governor of the People’s Bank of China Yi Gang addressed a meeting Oct. 7 saying the bank will work with anti-monopoly authorities to prevent firms from abusing dominant market positions, according to an Oct. 9 release. The regulation will eliminate “unfair competitive practices” and better protect consumer rights, the governor said. The announcement affirmed an ongoing clampdown on industries involving privacy, data management, and antitrust. Yet such legal loopholes have existed for a long time, Shi Huawei, a former financial planner at Guangzhou Bank of Communications, told The Epoch Times last Friday. “[The Party] will turn a blind eye until it no longer wants to,” said Shi, describing the rapidly rising tech giants as …