Why China Tech Isn’t Rebounding After Government Crackdown Ended
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China spent the better part of two years reining in the country’s most powerful private technology companies, including Alibaba Group Holding Ltd., Tencent Holdings Ltd. and Didi Global Inc., along with their ultra-rich founders.
Since 2023, President Xi Jinping’s government has eased off on the crackdown and indicated that it still sees the trillion-dollar sector as an important part of the country’s economy. Yet the big tech firms are still mired in a slump, struggling to get past single-digit growth rates even as they invest in new technologies or venture abroad in search of new customers.