China bans new WeChat memberships. Under the grip of the CCP, China’s high-tech sector collapses
FILE PHOTO: A Tencent logo is seen at its booth at the 2020 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 4, 2020. REUTERS / Tingshu Wang / File Photo
Tencent has temporarily suspended registering new accounts on its flagship WeChat social media app in China, as tech companies continue to face greater government scrutiny.
In a social media post, Tencent said it was working to comply with relevant laws and regulations and was therefore updating its security technology. All this then led to the suspension of the registration of the new “Weixin” accounts, the Chinese name of WeChat. Just a month ago, the authorities pushed Tencent to sell the rights to music distribution
"The recording services will be restored after the upgrade, which is expected in early August, is complete," he said.
A hard blow to the giant Tencent, which lost 9% in one day. One of the most impressive falls seen in recent years,
this wreaked havoc on the entire Chinese tech sector, whose shares plummeted
Beijing is doing what neither Washington nor Brussels seem to be able to do: muzzle its technological giants, and it is doing it to the sound of exclusions from history and forced terminations of services, as Didi has happened.
The view of many in the market is that the authorities are targeting those moves or activities that favor a small minority at the expense of the many. A socialist view, in a positive way, but some doubts that the CCP is favoring certain small minorities at the expense of high ones. Surely what we will not see born in China is an oligopoly of a group of technological hyper-militaries that are unassailable and able to influence politics. Here the CCP will continue to lead.
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The article China prohibits new WeChat memberships. Under the grip of the CCP, the Chinese high-tech sector collapses comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/la-cina-vieta-nuove-iscrizioni-a-wechat-sotto-la-stretta-del-pcc-crolla-il-settore-high-tech-cinese/ on Tue, 27 Jul 2021 19:37:57 +0000.