New China policies to support Big Tech platforms in innovation, globalisation, official newspaper says

  • News of the policies aligns with political messaging in Beijing that the months-long crackdowns on the tech sector would start to ease
  • Crackdowns that started at the end of 2020 have wiped about US$2 trillion in value from Chinese tech stocks, compounding pandemic-fuelled economic woes

A public screen displays the Shenzhen Stock Exchange and the Hang Seng Index figures in Shanghai on February 7, 2022. Months of crackdowns on the tech sector have taken a heavy toll on related Chinese stocks, on domestic and foreign exchanges, but restrictive measures could start to ease. Photo: Bloomberg

China is working on a slew of policies to support the country’s Big Tech platforms with innovation and globalisation, a shift in Beijing’s hardline regulatory stance on internet companies, according to a front-page editorial in the Economic Daily, a state-run Communist Party newspaper.

The period of extraordinary regulation over China’s technology giants, which started in late 2020, will come to an end, giving way to market-based and rule-of-law supervision to create a good environment for the growth of the country’s internet platforms, according to the editorial, published on Thursday.

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