Page 26 - Wang Xing News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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 China from Oct. 1 to Oct. 7 to mark National Day is one of the busiest travel periods in the country an...

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?