China’s cyberspace watchdog is looking to establish an “affectionate” relationship between internet businesses with the state, a top official said. The most recent assurance offered to an industry that is still in limbo following a lengthy and brutal crackdown on regulation.
Niu Yibing who is vice minister of Cyberspace Administration of China ( CAC) at an event that the agency was in favor of the sector’s steady growth and was determined to establish the “healthy, get-to-the-top, can-do entrepreneurial atmosphere”.
The CAC was one of the Chinese regulators that in the latter part of 2020, launched a radical investigation into the country’s technology giants. The campaign shook up long-standing practices in the industry, introduced new rules for how firms should conduct business, and caused turmoil in markets, cutting billions of dollars of market value off of the companies.
Although regulators, in the face of the slowing economy and a slowing economy, haven’t announced new regulations this year in the same way they did last year, businesses have been prudent, with many companies, including giants such as Alibaba Group and Tencent Holdings cutting back on new investments and eliminating thousands of employees.
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One of the most significant problems that have worried investors are the new rules which were put into place in February. They require Chinese companies with information of more than one million users to go through a security audit before listing their shares abroad.
Sun Weimin, head of the cybersecurity coordination bureau of the regulator said that the agency was in favor of companies from the United States who seek listings abroad and the reason for the goal of the audit was to ensure that there were no sensitive data in the process that could be misused from foa reign government.
There’s no conclusion ontohe story that surrounded Chinese company Didi Global, a ride-hailing service Didi Global that was the subject of an investigation by the CAC which forced the leader of the ride-hailing industry to withdraw from New York within a year of its launch and led to foreign investors suspicious of China’s tech industry.
Although Didi was penalized $1.2 billion in the last month for violating security guidelines, it’s unclear when or if apps from the company will be allowed to be re-listed in app stores and when it will be able to restart registrations for new users.
Sun stated it was the CAC was overseeing Didi’s rectification work and it would continue to eliminate security risks that are not obvious and penalize any behavior that could compromise national security or sethe curity of data.
The Beijing tech chief whwhoseothe mpany was previously penalized by regulators for security concerns involving data The executive told Reuters that the CAC’s announcement regarding Didi indicated that regulators aren’t completely happy about the business.
“Didi is different from other Internet companies, the anti-monopoly work against other tech giants has either ended or ststabilizedbut clearly regulators are treating Didi differently,” the executive stated, refusing to reveal his name since the executive is not authorized to talk to media.
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