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China Strengthens Political Control of Internet Giants

October 4, 2021
Source: exbulletin.com exbulletin.com
News Snapshot:
BEIJING (AP) The ruling Communist Party is strengthening political control over China’s internet giants and exploiting their wealth to pay for its ambitions to reduce reliance on US and European technology. Anti-monopoly and data security measures that began in late 2020 have rocked the industry, which thrived for two decades with little regulation. Investor nervousness has reduced the total market value of e-commerce platform Alibaba, gaming and social media operator Tencent, and other tech giants by more than $ 1.3 trillion. The party says the fight against monopolies will be a priority until 2025. It says competition will help create...
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