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G-7 to impose disclosure rules on US and Chinese tech giants

Alibaba, Tencent and GAFA will need to show how data is being used

New rules will be applied to social media services such as Tencent's WeChat, which accumulates vast amounts of data from users around the world.   © Reuters

TOKYO -- Social media platforms and digital service providers around the world, led by American giants Facebook and Google, as well as China's Alibaba Group Holding and Tencent Holdings, are set to face tougher requirements for transparency, as the Group of Seven looks to devise industry-wide rules to protect consumers.

The G-7, which does not include China, aims to create an environment in which shoppers can make informed decisions based on clear information from popular e-commerce sites and large tech companies, which have grown by soaking up data from its users. Such digital business players increasingly come from China, whose influence in the field is growing.

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