China tech crackdown spooks global investors ...Egypt

EGYPT INDEPENDENT - News
China tech crackdown spooks global investors
source : EGYPT INDEPENDENT ( Egypt ) () 9
Beijing’s widening clampdown on big technology firms sparked a major sell-off in their shares this week. The Nasdaq Golden Dragon China Index of nearly a hundred Chinese firms listed in the US plunged 13 percent at one point. The rout followed the announcement of tough new regulations aimed at reining in the power of the country’s billionaire entrepreneurs amid growing insecurity within China’s Communist Party. The curbs have prompted questions about why the Asian powerhouse is taking such a hard line now, when its economy is only just recovering from the coronavirus pandemic. One of the most recent interventions came last weekend when a band of popular education companies was ordered to sto

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