Beijing: The ruling Communist Party is using their wealth to pay for its ambitions to strengthen political control over China’s Internet giants and reduce its reliance on US and European technology. Antitrust and data security crackdowns, which began in late 2020, have rocked a thriving 20-year industry with little regulation. Investor anxiety has pushed the total market value of e-commerce platform Alibaba, games and social media operators Tencent and other major tech companies by more than $ 1.3 trillion. The party has stated that antitrust enforcement will be prioritized until 2025. Competition helps create jobs and improve living standards, he…