China seeks to allay investors’ fears about Internet companies
The Chinese government is trying to allay investors’ concerns about tight controls on Internet companies that have led to a drop in share prices, saying Beijing supports their growth.
BEIJING – The Chinese government on Thursday sought to allay investors’ concerns about tighter controls on Internet companies that have led to a drop in share prices, saying Beijing supports their growth. ۔
Foreign Ministry spokesman Wang Wenben said regulators were “reviewing data security in accordance with the law” in order to prevent national security threats.
Chinese internet stocks in New York and Hong Kong plummeted after ride-related services, Didi was ordered to stop signing new customers when she removed them, citing customer information. Others have been convicted of monopolies and other violations, leading to fears that the ruling Communist Party is trying to rein in Chinese companies.
Wang told reporters, “China’s policy of developing and supporting the Internet platform remains the same. He said Beijing is committed to developing global markets and strengthening international exchanges and cooperation with relevant business enterprises.” Will continue to encourage. “
Shares of Alibaba Group and Tencent Holdings Ltd. plunged 4.1 percent and 3.7 percent, respectively, in Hong Kong on Thursday.