China hints at ending crackdown on IT firms amid economic slowdown

Politics Economy

China's ruling Communist Party hinted Friday at terminating a crackdown on IT companies, as the world's second-biggest economy has been slowing down under the radical "zero-COVID" policy. The leadership of President Xi Jinping, who heads the party, announced at its key meeting that it will end "special adjustment measures" against the IT sector, prompting investors to buy back high-tech shares at the stock exchanges in Shanghai and Hong Kong. Recently, the Communist-led government has bolstered restrictions on China's IT giants to curb their monopolistic behavior and disorderly capital expansi...

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