China’s more than two-year clampdown on its sprawling internet sector is coming to an end, according to a top central bank official, reports Nikkei Asia. The special campaign to rectify 14 internet platform companies’ financial businesses is basically complete with few remaining issues to resolve, said Guo Shuqing, Chinese Communist Party secretary of the People’s Bank of China (PBOC).
Further supervision of the sector will be normalized, and support will be given to help platform companies play a bigger role in job creation and global competition, said Guo, who is also chairman of the China Banking and Insurance Regulatory Commission (CBIRC).
The statement was the first signal from a top regulatory official that the government is winding down a massive clampdown that affected the country’s biggest internet companies including Alibaba Group and Tencent Holdings.
