China to further rein in domestic tech giants to revive Internet sector

Alarmed at the slowing tech and internet sector, China is now planning to further shift its policies to control domestic tech giants like Alibaba and Tencent, as the country battles Covid-19 lockdowns, the media reported on Tuesday. According to a report in Nikkei Asia citing sources, Chinese President Xi Jinping "intends to shift policies regarding its control over the country's major tech companies such as Alibaba Group and Tencent Holdings". "The move is apparently aimed at revitalising the internet sector and propping up the Chinese economy, which is losing momentum amid the Russian invasion of Ukraine and the country's zero-Covid…