China Looks to Boost Tech to Make Up Growth
Commentary
Beijing is looking to resuscitate its technology sector growth in order to rescue its ailing economy.
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.
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), announced in late January.
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.” Guo, in addition to his role at the PBC, is also chairman of the China Banking and Insurance Regulatory Commission (CBIRC)….