China’s internet watchdog extends support for nation’s tech firms to raise funds abroad, signalling shift from hardline stance
- The Cyberspace Administration of China on Friday backed tech firms’ fundraising overseas amid increased cybersecurity regulations
- The internet watchdog’s public comments reflect efforts by China’s top leadership to ‘normalise’ regulation of the tech sector after past crackdowns
“China’s determination to increase its openness will not change, and China’s determination to share its development opportunities with the rest of the world will not change,” said Sun Weimin, head of the cybersecurity coordination bureau at the CAC.
She said the CAC “always supports domestic companies to raise funds in overseas capital markets in accordance with laws and regulations”.
Niu Yibing, a CAC deputy director, said at Friday’s press conference that the agency is committed to “safeguarding the development of the internet industry” by restraining the behaviour of some companies and filling gaps in regulations.
The CAC summoned more than 3,400 operators of websites and other online platforms in the first half this year, while slapping fines on 283 companies for various violations, according to Niu.