Skip to content

China Vows ‘No Mercy’ in Battle Against Corruption, Big Tech

  • Alibaba shares plummet, dragging down stocks in Hong Kong
  • Anti-corruption body cites disorderly expansion of capital
Video player cover image
WATCH: China is renewing its pledge to crack down on corruption, and its targeting the country’s already-embattled technology industry. Stephen Engle reports.Source: Bloomberg
Updated on

China vowed to curb the influence of technology companies and root out corruption tied to the “disorderly” expansion of capital, a sign that authorities may expand a regulatory crackdown that erased more than $1 trillion of market value last year.

In a sweeping communique following the plenary session of the Chinese Communist Party’s top anti-graft group, the government said it would break the ties between money and power, and tackle corruption in a range of industries. It also pledged to target political factions and interest groups within the party, the official Xinhua News Agency reported Thursday.