China Economy: China Takes Steps to Ease Regulatory Measures as Economy Slows

China fines $1.2 billion for taxi company Didi Global Inc, the move that ended a year-long investigation into a taxi company. cyber security practices.

Here is a timeline of key events highlighting the weakening Chinaregulatory measures since the beginning of this year:

Feb. 10: China’s Cyber ​​Supervisory Authority said it held a symposium with domestic tech giants in January that gave the industry a “clearer understanding” of how to pursue development and trust in the new regulatory landscape.

March 16: Vice Premier Liu He, China’s economic czar, called for market-friendly policies to support the economy and expressed caution about measures that could hurt markets. The comments lifted battered stocks in China and Hong Kong.

April 11: China’s gaming regulator grants publishing licenses for 45 games from developers, including Baidu Inc and XD Inc, ending the nine-month freeze.

April 29: China’s influential Politburo, in a meeting chaired by President Xi Jinping, said it would step up political support for the economy, including its so-called platform economy, referring to Internet platforms such as online marketplaces.

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May 15: Chinese financial authorities allowed further cuts in mortgage rates for some homebuyers, another push to prop up the property market and revive the waning engine of the world’s second largest economy.

May 16: Authorities have asked three financially sound large private Chinese property developers to issue bonds to help boost market sentiment, two people with direct knowledge of the matter told Reuters.

May 24: Financial regulators have pledged to support robust lending growth in the real estate sector and help home buyers impacted by the COVID-19 outbreaks to defer mortgage payments, the central bank said in a statement.

May 17: Vice Premier Liu said at a meeting convened by China’s top political advisory body that the government supports the development of the technology sector and public listings for such companies. Among the tech executives attending the meeting were the founders of search company Baidu and mobile security software maker 360 Security Technology Inc, known as Qihoo 360.

June 7: The China Game Industry Regulator issued licenses for the publication of 60 games.

June 8: Reuters reported, citing sources, that Didi is in talks with state-backed Sinomach Automobile Co Ltd to buy a third of its electric vehicle division. .

June 9: The government pre-approved Ant Group, a subsidiary of the e-commerce giant. Alibabato resume initial public offerings in Shanghai and Hong Kong, two people told Reuters, in the biggest sign that Beijing’s tough stance in the tech sector is cooling.

June 29: Applications owned by online recruitment company Kanzhun Ltd. are allowed in China.

In July last year, Chinese authorities launched cybersecurity reviews at Full Truck Alliance and Kanzhun along with Didi.

July 21: China fined Didi $1.2 billion for violating laws, including privacy laws, and fined its founder and president, saying they were responsible for these violations.

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