Billionaire Jack Ma will no longer control fintech powerhouse Ant Group, and a senior official says China’s tech crackdown has ended. These are signs that the ‘previous era of breakneck growth is over,’ Martin Chorzempa, a senior fellow at the Peterson Institute for International Economics, told The China Project.
After a year's worth of regulatory pain and billions in losses, Beijing’s probe into Didi has culminated in an 8 billion yuan ($1.28 billion) fine.
Government officials pledged to support the “healthy development” of the digital economy, but Big Tech may not be out of the woods just yet.
The U.S. may sanction Chinese surveillance companies for human rights reasons, and delist Chinese tech companies from American stock markets for lack of auditing transparency.
A new set of rules released by Douyin aims to curb young Chinese users from being corrupted by online media.