- Xi says antitrust campaign against internet platforms has seen early results and called for the Party to do more to supervise businesses
- Beijing’s crackdown has led to a market rout this year that has wiped US$1 trillion off Chinese tech stocks
Beijing’s campaign to “prevent the irrational expansion of capital” and address “barbarous growth” in China’s technology sector is beginning to bear fruit in the wake of an accelerated antitrust campaign targeting internet platforms, Chinese President Xi Jinping said at a central leadership meeting on Monday afternoon.
Fair competition is necessary to improve the social market economy and promote “common prosperity”, Xi said in comments reported by state-owned Xinhua News Agency, using a government buzzword that represents China’s push for more wealth creation, as Beijing’s recent moves to rein in Big Tech continue.
