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China curbs political control of internet giants in bid to cut its reliance on West

October 4, 2021
Source: alertbreakingnews.com alertbreakingnews.com
News Snapshot:
BEIJING: 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 over $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....
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Tags: Africa | Alibaba | anti-monopoly | Beijing | bid | China | Chinese | communist | crackdown | data | development | e-commerce | Economy | education | European | games | government | India | Internet | London | online shopping | social media | technology | Tencent | Xi Jinping

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