China supports domestic firms seeking foreign capital and healthy development of internet companies – cyberspace regulator
STOCKS
China supports domestic firms seeking foreign capital and healthy development of internet companies – cyberspace regulator
STOCKS

China supports domestic firms seeking foreign capital and healthy development of internet companies – cyberspace regulator

 

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China’s cyberspace regulator said on Friday that it was supportive of domestic companies seeking foreign capital and that the focus of its review was whether there was the risk of data they held being abused by foreign governments.

The Cyberspace Administration of China (CAC) said at a news conference that it was guiding and supervising the rectification work of Didi Global, the Chinese ride-hailing giant which was fined $1.2 billion last month for violating data security laws.

It also said it was supportive of the healthy development of internet companies, and that it would build a close and clean relationship between enterprises and the government.

The CAC was supportive of the sector’s healthy development and while implementing rules, wanted to create a “healthy, get-to-the-top, can-do entrepreneurial atmosphere”.

The CAC was among Chinese regulators which in late 2020 launched an unprecedented crackdown on the country’s technology giants. The campaign upended long-held industry practices, set new rules on how the companies should do business, and also roiled markets, shaving billions of dollars in market value off the firms.