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China Tightens Political Control of Internet Giants

October 3, 2021
Source: news18.com news18.com
News Snapshot:
The ruling Communist Party is tightening political control over China’s internet giants and tapping their wealth to pay for its ambitions to reduce reliance on US and European technology.Anti-monopoly and data security crackdowns starting in late 2020 have shaken the industry, which flourished for two decades with little regulation. Investor jitters have knocked more than $1.3 trillion off the total market value of e-commerce platform Alibaba, games and social media operator Tencent and other tech giants.The party says anti-monopoly enforcement will be a priority through 2025. It says competition will help create jobs and raise living standards.President Xi Jinpings government...
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