China’s more than two-year clampdown on its sprawling technology sector may finally be ending. And global investors have raced to snap up shares so far this year. Beijing is looking to resuscitate its technology sector growth in order to rescue its ailing economy. The years-long campaign to rein in China’s internet platform companies is largely complete, Guo Shuqing, the Chinese Communist Party’s (CCP) chief of the People’s Bank of China (PBC), has announced.
Guo further stated that ongoing supervision would be “normalized,” and Beijing would provide support to internet platform companies to “play a larger role in jobs creation and global competition.” Since Guo is also chairman of the China Banking and Insurance Regulatory Commission (CBIRC), these statements suggest that policymakers are changing their approach regulating large tech firms such as Alibaba Group and Tencent Holdings.
Beijing initially took aim at these tech giants—some of the most valuable companies based in China—beginning in late 2020, warning that these firms held too much power and controlled too much information. The crackdown that ensued entangled firms such as Alibaba, Ant Group, as well as e-commerce operators, ride-hailing services, and food delivery companies. Ant Group’s IPO was halted, and Didi Global’s U.S.-traded shares were delisted. The tough stance policymakers took on the industry caused waves of stock market sell-offs of China tech stocks in the United States, Hong Kong, and China, with many firms seeing more than 50 percent of their values wiped out during the two-year long crackdown.
This story is from the February 2023 edition of Indian Economy & Market.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the February 2023 edition of Indian Economy & Market.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Do You Know? Now Google Search Results Are Dictated By A Political Doctrine
Google has become the tip of the spear in the management of the public mind. Google search results are dictated by a political doctrine that you are supposed to hold. The algorithms overwhelmingly favor approved talking points, even if false, with a vast and hugely influential machine now serving one political interest and dictated by one agenda. Search is no longer reliably informative of what's actually out there. "I'll Google that," once meant to get a wide range of wants you to believe. Jeffrey A. Tucker says those wonderful days are long gone outlooks on a topic. Now it means mostly to find out what the opinion cartel my & Market
In the Backdrop of World War III
When Iran's Supreme Leader Khamenei thundered a day back, \"We will make the ZIONISTS regret this crime of attacking the Iranian consulate in Syria and other crimes like this, by God's power and strength,\" now the stage is almost set for the World War III.
BE AGGRESSIVE ON DEFENSIVE
In an uncertain and volatile market, FMCG sector with strong return ratios, higher dividend yield ensures long-term capital preservation.
RBI MPC Meeting Key Takeaways
Reserve Bank of India's Monetary Policy Committee has decided to keep the repo rate steady at 6.5 per cent for the seventh consecutive time. Governor Shaktikanta Das highlighted the committee's majority decision of 5:1 to maintain the current stance, focusing on liquidity management to curb inflation.
India AI MISSION Well-positioned to Pave the Way for a Transformative Future
The government has allocated Rs 10,300 crore for the IndiaAl Mission over the next five years. By nurturing an environment conducive to innovation, promoting knowledge sharing, and empowering stakeholders, the IndiaAl Mission is well-positioned to pave the way for a transformative future where AI acts as a catalyst for progress and prosperity for everyone.
SOME ETERNAL SUTRAS FOR INVESTORS
Indian Economy & M What's the best way to survive a financial crisis with your wealth intact?
Gold: An Excellent Diversification
Gold is priced in dollars. Inflation means the dollar is worth less in terms of purchasing power. That means it takes more dollars to buy gold, so the dollar price of gold goes up. What you may lose in the rest of your portfolio in terms of dollar purchasing power is made up in part or all from the profits you make on the higher dollar price of gold. James Rickards says owning gold will protect you from the ravages of inflation. You’ll have your inflation protection in place 24/7 and won’t be caught off-guard.
Balaji Telefilms Ltd. Reports Robust Earnings for Q3FY24, To release "Love, Sex aur Dhokha 2"
Balaji Motion Pictures’, a division of Balaji Telefilms Ltd.’s highly anticipated Love, Sex aur Dhokha 2 has been in the headlines ever since its announcement.
PHARMA STOCK: AT PINK OF THEIR HEALTH
Pharma stocks are once again showing sign of strength as they have outperformed key equity indices.
Sarveshwar Foods Ltd. Board Approves Fund Raise of up to ₹99 Crores
Sarveshwar Foods Limited, a leader in the business of manufacturing, trading, processing, and marketing of branded and un-branded basmati and nonbasmati rice, has announced that the board approved a fund-raise of up to Rs. 98.94 Crores by the way of issue of Up to 10,20,00,000 Fully Convertible Warrants convertible into equal number of Equity Shares of face value of Re. 1/- each, to persons belonging to non-promoter group persons at an issue price Rs. 9.70 per warrant, subject to approval of shareholders and other regulatory authorities, as may be applicable.
