Economy 3 MIN READ

TIMELINE-China takes steps to ease up on regulatory crackdown as economy slows

June 9, 2022By Reuters

Chinese authorities imposed a $1.2 billion fine on ride-hailing firm Didi Global Inc, a move that signalled an end to a year-long probe into the ride-hailing firm’s cybersecurity practices. nB9N2XF02H

Here is a timeline of key events underscoring the easing of China’s regulatory crackdown since the beginning of this year:

Feb. 10: China’s cyberspace watchdog said it had held a symposium with domestic technology giants in January which had given the industry a “clearer understanding” of how to pursue development and confidence amid a new regulatory landscape. nL8N2UL0DJ

March 16: Vice-Premier Liu He, China’s economic tsar, urged the introduction of market-friendly policies to support the economy and expressed caution about measures that risked hurting markets. The comments boosted battered shares in China and Hong Kong. nL2N2VJ0Y6

April 11: China’s gaming regulator granted publishing licences for 45 games from developers including Baidu Inc 9888.HK and XD Inc 2400.HK, ending a nine-month freeze.

April 29: China’s powerful Politburo, in a meeting chaired by President Xi Jinping, said it will step up policy support for the economy, including its so-called platform economy – referring to internet platforms such as online marketplaces. nL2N2WR0UQ

May 15: Chinese financial authorities allowed a further cut in mortgage loan interest rates for some home buyers, in another push to prop up its property market and revive a flagging engine of the world’s second-largest economy. nL2N2X70LX

May 16: Authorities asked three financially healthy major private Chinese property developers to issue bonds to help boost market sentiment, two people with direct knowledge of the matter told Reuters. nL2N2X809G

May 24: Financial regulators pledged to keep credit growth stable in the property sector and help home buyers affected by COVID-19 outbreaks to defer mortgage payments, the central bank said in a statement. nB9N2X101L

May 17: Vice-Premier Liu told a meeting convened by China’s top political consultative body that the government supported the development of the technology sector and public listings for such companies. Tech executives who attended the meeting included founders of search engine company Baidu and mobile security software maker 360 Security Technology Inc 601360.SS, known as Qihoo 360. nL2N2X903A

June 7: China’s gaming regulator granted publishing licences for 60 games. nL1N2XU0UZ

June 8: Reuters reported, citing sources, that Didi is in talks with state-backed Sinomach Automobile Co Ltd 600335.SS to buy a third of its electric vehicle unit, signalling the ride-hailer’s regulatory troubles are in the rear view mirror as it focuses on growth. nL8N2XU1XR

June 9: The government gave tentative approval for Ant Group, an affiliate of e-commerce behemoth Alibaba, to revive its initial public offering in Shanghai and Hong Kong, two people told Reuters, the biggest sign yet of a cooling of Beijing’s tough stance on the technology sector. nL1N2XW160

(Reporting by Selena Li in Hong Kong; Editing by Matthew Lewis, Anshuman Daga and Christopher Cushing)

((; +852 39525868;))

This article originally appeared on

Read More Articles About: