Regulators in China, Europe, and the U.S. can certainly screw up on execution of their goals with over-regulation, under-regulation, or initiatives that are off-target. But there's something happening around the globe that points to a new and potentially hopeful era for competition and innovation.
Online Travel This Week
Just think of all the online travel companies across the globe that had a great product but never got oxygen — or ample funding and marketing resources — because Big Tech platforms, or even major online travel companies, used their weighty market positions to smother competition.
Change could be afoot as regulatory authorities in China, Europe, and the United States simultaneously take emerging and widely divergent steps to chip away at Big Tech, and with the travel industry potentially caught up in these moves.
The newest focus is China, which already bans Google and Facebook, but allows non-Chinese travel companies such as Airbnb, Agoda, Booking.com, Tripadvisor, AirAsia.com, Marriott, and Accor to operate.
The China State Administration for Market Regulation released a draft of new regulations Tuesday that could see Alibaba, which operates travel brand Fliggy and Alipay, as well as rivals such as Tencent's WeChat, Trip.com Group, and food delivery and hotel service Meituan in its crosshairs, according to a Reuters sto