The President of Chinese web giant Tencent has predicted that Beijing has more regulations in store for the nation's internet companies, and welcomed whatever's coming.
During the question-and-answer section of the company's Q2 2021 earnings call, Martin Lau was asked how regulation of internet companies is affecting Tencent strategy and priorities.
Lau responded by saying that he sees internet regulation as a global trend and that China is "a bit ahead in terms of the execution of a more structural regulation framework".
"I think this should be expected because the regulation has been actually quite loose over an industry like the internet, considering its size and importance," he added.
Lau didn't have a bad word to say about Beijing's many recent regulatory interventions, saying they're "very focused on identifying and rectifying industry misbehaviours and also establishing regulations, they emphasize compliance, social responsibility as well as fair and proper behaviour.
Lau added that he understands China's government wants to ensure that the nation's internet industry can achieve long-term sustainability, and that its recent rash of regulations have that aim rather than punitive intent.