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Beijing has launched wide-ranging regulatory crackdowns in sectors such as technology, education and entertainment.
In recent days China’s leaders have been going all out to reassure investors that it is committed to reform and opening up. There are reasons to believe Beijing is serious this time, having realised the crucial role the private sector must play to revitalise the economy.
Beijing is ready to call it a day after a two-year crackdown on ‘new economy’ businesses, and the industry can expect support from now on.
China issues licences for new titles after publishers clean up their act and young enthusiasts learn to limit their playing time.
Nearly 5 million party members have been caught in China’s anti-corruption dragnet over the past decade. Yet a decisive victory still looks elusive, despite claims to the contrary.
It is undeniable that the rapid growth of the Chinese digital economy has exposed regulatory loopholes and, as Xi Jinping warns, threatened the country’s economic and financial security and stability.
- There were 66 mainland TMT enterprises that went public in the first half of the year, down from 124 in the second half of 2022
- Domestic exchanges were TMT firms’ main IPO venues, with 39 per cent listed in Shanghai’s Star Market and 20 per cent in Shenzhen’s ChiNext Market
NPC says it welcomes active public engagement and states all feedback will be meticulously examined to refine, and possibly improve, the law.
Didi posted a 52.6 per cent year-on-year jump in second-quarter revenue to US$6.6 billion on the back of strong demand at both its core mainland China and international operations.
The industry’s aggregate profits rose 29.1 per cent year on year to US$11 billion in the January-to-July period, led by the e-commerce and on-demand local services market segments.
Dongfangzhenxuan, a live-streaming brand under former tutoring giant New Oriental, sold US$13 million worth of goods within 12 hours of its debut on the platform, it said.
The world’s second-largest economy had 1.08 billion internet users as of June, an 11.09 million increase from December last year, to put its online penetration rate at 76.4 per cent.
Central Commission for Discipline Inspection says Sun, 69, is under investigation for suspected ‘serious violations of discipline and law’.
The Ministry of Industry and Information Technology requires all mobile app providers to submit their business details to the government or face punishment.
Suzhou has drawn up 17 measures to spur this sector’s development, including providing up to US$137,000 in cash subsidies to individual live streamers.
Four executives at Filecoin mining firm Shenzhen Shikongyun Technology were slapped with criminal charges in the southern autonomous region of Guangxi for a scheme that raked in more than US$83 million.
Two years after a tutoring crackdown sent China’s parents scrambling to ensure that their children would not be mediocre, study trips and summer camps are finding success while private tutoring services have gone underground.
Bao Fan is still cooperating in an investigation carried out by Chinese authorities, China Renaissance says in an exchange filing. The banker had worked on many high profile mergers in China’s tech industry.
The reinvigorated state of the tech sector is reflected in the recruitment efforts of several large firms, including Alibaba, ByteDance and Meituan.
Chinese cities from Beijing to Hangzhou have inked cooperation deals with internet giants, as the country’s top leaders signal an end to two years of tech crackdowns.
In an article published just hours after China unveiled an action plan to invigorate its economy, Ma pledged on behalf of the internet industry to support the government’s latest strategies.
The high-profile recognition marks a sharp contrast to Beijing’s previous crackdown on the internet industry.
Didi recorded a net loss of US$166 million in the first quarter, a significant improvement from its US$2.3 billion loss in the same period last year.
‘We need to weed out those who appreciate Western values, indulge in extravagance, avoid tough duties, or have doubts with the party’s directions’: source.
More than 85 domestic games have been approved each month in 2023, bringing the year’s total to more than 500.
Big Tech firms from Tencent to ByteDance helped create millions of vloggers, content writers and e-commerce sellers amid a slow pandemic-stricken economy.
More proactive fiscal policy from the central government is needed to support smaller firms and households, the president of the Shanghai University of Finance and Economics says.
The executive shuffle is expected to bring greater synergies between Tencent’s video gaming and live-streaming businesses.
Official FDI figures for the year’s first four months show momentum is slowing despite Beijing’s all-out push to invigorate the economy by luring overseas companies and investors.
The US technology research and advisory firm is also laying off most of its analysts in the country, sources said.
At its annual Spark conference, Tencent asserted its commitment to create technologically advanced games, which underscores how mainland China’s video gaming market is fast emerging from a downturn.
The American consultancy giant is ‘cooperating as appropriate’ with authorities after Chinese police last month visited its offices in Shanghai and questioned its staff.
China’s investigations into Capvision Partners, Bain & Company, and Mintz Group have set off alarm bells across the business advisory industry.
The annual ceremony’s cancellation appears to reflect Alibaba’s current focus on a sweeping reorganisation of its US$257 billion tech empire.
The local arm of the Cyberspace Administration of China (CAC) in Hubei province is sending a working group to Douyu to address ‘serious’ problems.
The Beijing-based company has released its first annual report since it delisted from the New York Stock Exchange last year.
