Chinese economy: China moves to ease regulatory crackdown as economy slows

Chinese authorities have fined ride-sharing company Didi Global Inc $1.2 billion, a move that ended a year-long investigation into the ride-sharing company’s cybersecurity practices.

Here is a timeline of key events highlighting the easing of regulatory repression in China since the start of this year:

February 10: China’s cyberspace watchdog said it held a symposium with domestic tech giants in January, which gave the industry a “clearer understanding” of how to pursue the development and confidence in a new regulatory landscape.

March 16: Vice Premier Liu He, China’s economic czar, urged the introduction of market-friendly policies to support the economy and expressed caution over measures that risk hurting markets. The comments boosted battered stocks in China and Hong Kong.

April 11: China’s games regulator granted publishing licenses for 45 games to developers including Baidu Inc and XD Inc, ending a nine-month freeze.

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

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May 15: China’s financial authorities authorized a further cut in mortgage interest rates for some homebuyers, in another effort to prop up its property market and revive a faltering engine in the world’s second-largest economy.

May 16: Authorities asked three large Chinese private real estate developers in good financial health to issue bonds to help boost market sentiment, two people with direct knowledge of the matter told Reuters.

May 24: Financial regulators pledged to keep credit growth stable in the real estate sector and help homebuyers affected by COVID-19 outbreaks defer mortgage payments, the central bank said in a statement.

May 17: Vice Premier Liu told a meeting convened by China’s top political advisory body that the government supports the development of the technology sector and the listing of such companies. Technology executives who attended the meeting included the founders of search engine company Baidu and mobile security software maker 360 Security Technology Inc, known as Qihoo 360.

June 7: China’s gaming regulator granted publishing licenses for 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 unit, signaling that the loudhailer regulatory issues are in the rearview mirror as he focuses on growth.

June 9: The government has given tentative approval to Ant Group, a subsidiary of e-commerce giant Alibaba, to relaunch its initial public offering in Shanghai and Hong Kong, two people told Reuters, the biggest sign yet a cooling of Beijing’s tough stance on the tech sector.

June 29: China allows apps owned by online recruitment services firm Kanzhun Ltd

Chinese authorities launched cybersecurity reviews in Full Truck Alliance and Kanzhun alongside Didi in July last year.

July 21: China fines Didi $1.2 billion for breaking laws, including the one on personal information protection, and also imposes fines on its founder and chairman, claiming they were responsible for these violations.

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