China crackdown cuts Big Tech down to size

Tighter regulations, billions in lost overseas share value and government pledges to get even tougher — Chinese tech giants are reeling under what looks like a sustained Big Brother assault on innovation and enterprise.

But there’s a reason why the escalating crackdown is largely drawing shrugs from Chinese consumers: it is widely seen as necessary.

Concern is rising in China over chaotic online lending and accusations of powerful platforms squeezing merchants and misusing consumer data, reflecting global unease with Big Tech that has Facebook, Google and others also facing scrutiny at home and abroad.