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China’s tech regulator meets Big Tech bosses, including Didi CEO

Top executives from China’s largest internet companies met officials from the Ministry of Industry and Information Technology (MIIT), one of the nation’s major technology industry regulators, to discuss ways to push forward the “high-quality development of the internet sector”.

The symposium, held on Friday in Beijing, was attended by MIIT deputy head Zhang Yunming, Tencent Holdings founder and CEO Pony Ma Huateng, Baidu co-founder and CEO Robin Li Yanhong, Xiaomi founder and CEO Lei Jun, and NetEase founder and CEO William Ding Lei, according to a statement released on Saturday by the government-backed Internet Society of China, the event host.

Cheng Wei, founder and CEO of ride-hailing giant Didi Chuxing, was also present at the round table – his first appearance at the annual event since a government task force initiated a cybersecurity investigation into the company in July 2021, just two days after its blockbuster initial public offering on the New York Stock Exchange.

Didi last month resumed new user registrations in China with the consent of government authorities, nearly 18 months after regulators ordered a halt to customer enrolment and six months after the conclusion of the cybersecurity probe, which resulted in a US$1.2 billion fine against the firm.

During the meeting on Friday, participants agreed that accelerating the growth of the digital economy, and further integrating it with the “real economy” – goals that were set out by the Communist Party’s top leadership during the 20th national congress in October – will be the fundamental principles guiding the development of the internet sector, the MIIT said.

The internet industry should help enhance the country’s digital infrastructure such as 5G networks, Gigabit Ethernet, and data centres; strengthen innovation in core technologies like 6G, artificial intelligence, and quantum computing; and improve the relevant regulatory framework, the meeting concluded.

The gathering comes as Beijing shores up its support for the Big Tech sector to revive the country’s flagging economy, following more than two years of regulatory crackdown.

From March 31, the China Securities Regulatory Commission will have the mandate to vet applications by mainland companies for offshore listings, including in Hong Kong, regulators announced on Friday, reopening the avenue of fundraising after a 20-month obstruction that had left Didi’s plan to sell shares in Hong Kong in limbo.

Authorities have also eased restrictions on the video gaming sector, with government officials in Shanghai and Shenzhen vowing on Friday to promote the development of esports. The National Press and Publication Administration granted licences for 88 new games in January, more than any monthly approvals given in 2022. South China Morning Post

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