Page 13 - Wang Xing News Today

News Analysis The Chinese Communist Party's (CCP) coming ban on non-state media in China expands Xi Jinping’s power ...

Wang Xing, the 42-year-old billionaire founder and chief executive of Meituan, has apparently locked down nearly 18,000 of his social media posts from public view, weeks before the food delivery and on-demand local services giant was slapped with a 3.44 billion yuan (S$723 million) fine by the government to end the firm's antitrust investigation. Online checks made by the South...

The antitrust fine has removed some lingering concerns about the company's future.

Meituan’s Wang Xing has locked down from public view all of his posts on Chinese microblogging platforms Weibo and Fanfou.

The $530 million fine is Beijing’s second major penalty this year against an internet company accused of monopolistic practices.

TOURISM <strong>Golden Week revenue falls</strong> Tourism revenues in China during the Golden Week holiday fell by almost 5 percent year-on-year, state media reported, while lingering COVID-19 curbs also led to a decline in the number of trips undertaken. The sluggish data weighed on the outlook for China’s overall retail sales, which have slowed much more sharply than expected when new COVID-19 outbreaks struck a handful of Chinese cities over summer. The seven-day holiday in Chi...

After flourishing for two decades with little regulation, China’s internet industries face a future of tighter control by the ruling Communist Party and pressure to pay for its tech ambitions, social welfare and propaganda

BEIJING--The ruling Communist Party is tightening political control over China’s internet giants and tapping their wealth to pay for its ambitions to reduce reliance on U.S. and European technology.

The ruling Communist Party is tightening political control over China’s internet giants and tapping their wealth to pay for its ambitions to reduce reliance on U.S. and European technology. Anti-monopoly and data security crackdowns starting in late 2020 have shaken the industry, which flourished for two decades with little regulation. Investor jitters have knocked more…

Xi Jinping is trying to narrow the gap between rich and poor by cracking down on tech giants and billionaires – to achieve “common prosperity”. But why now, and what are the implications for China’s economy?