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China set to shift policies to rein in domestic tech giants

Beijing seeks to boost online sector amid slowing economy

The Chinese government now aims to help prop up the economy by revitalizing the internet sector, including tech giants such as Alibaba and Tencent.   © Reuters

BEIJING -- The government of Chinese President Xi Jinping intends to shift policies regarding its control over the country's major tech companies such as Alibaba Group and Tencent Holdings, according to sources close to the government. The move is apparently aimed at revitalizing the internet sector and propping up the Chinese economy, which is losing momentum amid the Russian invasion of Ukraine and the country's zero-COVID policy.

At a meeting on Friday, the Central Political Bureau of the Communist Party of China confirmed a policy to promote the development of economic activities handled by large internet companies, or platformers. The government will finish up specialized work on strengthening regulations targeting platformers, and devise instead specific support measures for their healthy growth, the sources noted.

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