BEIJING -- The Chinese Communist Party and the government is increasingly believed to be loosening its tight controls on the country's major IT firms, such as Alibaba Group Holding Ltd.
Beijing had levied huge fines and harsh sanctions against China's influential IT giants over a two-year period, but shifted its stance due to a perceived significant slowdown in the national economy due to its zero-COVID policy.
China's state-run Xinhua News Agency on Saturday reported a statement by Guo Shuqing -- head of the financial supervisor authority and chairman of China Banking and Insurance Regulatory Commission (CBIRC) -- which said that rectification of 14 platform companies' financial businesses had basically been completed.
