January 8, 2023
2 mins read

Tech giants facing massive crackdown in China

Alibaba, the first target of China’s “antitrust” investigation, received a record-breaking high punishment of 2.8 billion dollars, signaling the start of Beijing’s extraordinary crackdown…reports Asian Lite News

The tech giants in China have been facing massive crackdown under the garb of transformation by the Chinese Communist Party of China (CCP) and its authoritarian rule in the form of a ‘common prosperity’ campaign emphasizes which not only imposes heavy restrictions on them but also impose fines to regulate ‘excess’ wealth, The European Times reported.

The “Red New Deal” agenda, which justifies the need for a crackdown, is discussed throughout the campaign. The idea of “red” emphasizes the actions of old-fashioned communist logic, i.e., businesses that get in the way of the government will suffer. Although the government has received genuine support from the people for its pledge to reduce inequality and provide equal opportunity to ordinary people, the concept of “red” emphasizes the actions of old-fashioned communist logic.

Notably, the tech crackdown essentially represents a conflict between CCP-wielded government authority and the “tech sector.” The range of industries targeted makes it difficult to pin down a specific objective; however, an antitrust crackdown, an upgrade to data security, and a restraint on capitalist “excess” serve as the principal motivations, The European Times reported.

Alibaba, the first target of China’s “antitrust” investigation, received a record-breaking high punishment of 2.8 billion dollars, signaling the start of Beijing’s extraordinary crackdown. Additionally, since the regulators suspended Ant Group’s first public offering in Shanghai and Hong Kong, the fin-tech subsidiary of Alibaba has lost two-thirds of its market value.

Prominent China’s leading tech companies such as Tencent (internet conglomerate), and Meitun (food delivery) — became a target of an antitrust probe and were fined more than $530 million, DiDi (ride-hailing app) — was suspended for suspected violation of cybersecurity laws two days prior to its IPO in the U.S, ByteDance (social media), Full Truck Alliance (freight logistics app), Kanzhun (recruitment), online private tutoring companies like New Oriental Education and TAL Education, and Cryptocurrency Hub was affected by SAMR and CAC’s ludicrous crackdown for failing to disclose mergers, signing exclusive contracts, misleading marketing tactics, and other “merger irregularities,” as per the European Times.

The State Administration of Market Regulation (SAMR), China’s market watchdog established in 2018, is mostly in charge of these crackdowns.

Moreover, Data security, antitrust, financial risk, marketing deception, worker’s rights, content control, and burden are also witnessed by citizens of China under the authoritarian CCP regime. (ANI)

ALSO READ: Pakistan plans tit for tat against TTP

Previous Story

‘Int’l support has ebbed away’: Shehbaz

Next Story

‘China’s Xinjiang policy doesn’t allow anyone to cross borders’

Latest from -Top News

Violence against children hit unprecedented levels

In Somalia, it reported 2,568 violations against 1,992 children.In Nigeria, 2,436 grave violations were reported against 1,037 children The UN kept Israeli forces on its blacklist of countries that violate children’s rights

Japan Cancels U.S. Talks

The cancellation also coincides with Japan’s upcoming upper house elections on July 20, which are expected to test Ishiba’s fragile minority coalition Japan has cancelled a planned high-level security meeting with the

Modi calls Yoga a journey from ‘me’ to ‘we’

PM Modi showered praise on the Andhra Pradesh government for hosting this year’s national celebrations, commending Chief Minister N. Chandrababu Naidu and Deputy Chief Minister Pawan Kalyan for their leadership. Prime Minister

UK unites for Yoga Day

Celebrations held across iconic landmarks and campuses under theme ‘One Earth, One Health’ The Indian diaspora and local communities across the United Kingdom gathered in large numbers on Friday to mark the

Kenya’s Odinga Slams Adani Deal U-Turn

Before the cancellation of the deal, Odinga was among the leaders who defended the Adani Group….reports Asian Lite News Kenya’s former Prime Minister Raila Odinga on Friday expressed disappointment over the cancellation
Go toTop

Don't Miss

War over Taiwan inevitable, say US generals

It has become increasingly clear, though, that the United States

Beijing’s Shadow Over Kashmir Terror

The Pahalgam massacre is not just an act of terror;