Synopsis The regulator's research team visited Douyin where it listened to an explanation from the company on price compliance, and how to better understand and implement the "clear price tag and the provisions on the prohibition of price gouging," according to the statement. Reuters Beijing's market regulator recently visited ByteDance 's Douyin video hosting service to look into the company's livestreaming e-commerce business and discuss how to prevent over-charging, a statement, published on Thursday on the regulator's official WeChat account, said. The regulator's visit to Douyin - the Chinese version of TikTok - comes at a time when Beijing has pledged to support a private sector reeling from the state-imposed COVID restrictions that were lifted in December, as well as a regulatory crackdown in the property, technology and private education industries. The regulator's research team visited Douyin where it listened to an explanation from the company on price compliance, and how to better understand and implement the "clear price tag and the provisions on the prohibition of price gouging," according to the statement. "A good foundation has been laid for further deepening government-enterprise cooperation, working together to standardise the pricing behaviour of the live streaming industry," the market regulator said. Douyin said in a statement on the same day that it had revised rules governing price-gouging and the behaviour of e-commerce livestreamers promoting products on its platform. The revision is aimed at forcing the livestreamers, who play a key role in boosting e-commerce sales in China, to verify prices, make sure they do not mislead customers, and ensure the merchant can deliver a product on time. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The rules also include bans on livestreamers that use fictional discounts to mislead customers into purchasing a product, or promotional acting involving family disputes, violence, and other kinds of anti-social behaviours. It is unclear whether the visit was prompted by a specific incident. ByteDance did not immediately respond to a request for comment. Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here! Thursday, 09 Mar, 2023 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Disruption Companies & Economy More Short-term Yields Up, Re Down After Powell Rate Signal Bond yields at the shorter end of the curve exceeded those of long-tenor sovereign debt in India while the rupee retreated Wednesday, reflecting the likelihood of outflows from local assets after the US Federal Reserve indicated rates would continue to harden. India to Top China as Walmart’s Largest Int’l Market in ’23: CFO India is likely to surpass China and emerge as the largest international market for Walmart this year, a top company executive said. Sebi Mulls PCVs to Offer Long Funding Amid allegations of fierce valuation games that drive startups to dress up numbers and venture capitalists to spin stories to investors, the idea of permanent capital vehicles (PCVs) to offer long, patient funding to unlisted outfits of Indian entrepreneurs is being explored. Read More News on ByteDance Douyin tiktok bytedance s douyin douyin bytedance wechat Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox. . . . more less ETPrime stories of the day Investing Growth will be theme in 2023; manufacturing to offer opportunities: Neelesh Surana of Mirae Asset 5 mins read 4 insights to start your day, featuring Iran’s lithium discovery 5 mins read Energy A clean sweep: China’s renewable energy capacity outshines coal power for first time 4 mins read Subscribe to ETPrime.