Tencent reports slower growth as China cracks down on tech sector

March 23, 2022 Tencent reports slower growth as China cracks down on tech sector Chinese messaging and gaming giant Tencent saw slowing growth during a “challenging” 2021, according to its annual report released Wednesday, the latest firm to feel the sting of Beijing’s crackdown on the domestic tech sector. China has exerted more authority over the industry since 2020, citing concerns that tech giants in the country have become too big and powerful. The Shenzhen-based firm saw its total revenues in 2021 increase by 16 percent to 560.1 billion yuan ($88 billion)—a record low for the company operating Tencent QQ…