China’s internet giants slashed their external investments programmes last year as the country’s economy continued to struggle with a post-Covid slowdown, the South China Morning Post reported.
International tensions and Beijing’s unrelenting regulatory crackdowns also took their toll as investment deals made by Alibaba, Tencent and Baidu plummeted by nearly 40% in 2023, the report went on citing data from ITJuzi.
China’s tech crackdowns took a lot of the blame, according to some observers, with the country’s internet giants, once on a par with their American rivals, basically pulling the plug on expansion as a result.
Read the full story: The South China Morning Post
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