China May Ban Foreign Investment in Internet Service, AWSJ Says
Beijing, Sept. 15 (Bloomberg) -- China may ban foreign investment in Internet access or content service providers in mainland China, the Asian Wall Street Journal reported, citing Wu Jichuan, head of the nation's Ministry of Information Industries. The move could potentially force a number of well-known Internet, media and financial firms to divest themselves of investments in that fast-growing industry, including America Online Inc., Intel Corp., News Corp., Goldman, Sachs & Co. and Dow Jones & Co. It may also complicate China's efforts to join the World Trade Organization, and hand that industry to Hong Kong, the paper said.
Many so-called Chinese web sites are registered outside of the Chinese mainland; it remains unclear how the possible ban would affect companies such as China.com Corp., a Nasdaq-listed Internet company controlled by China's official Xinhua News Agency.
(Asian Wall Street Journal, 9/15/99, p.2; www.awsj.com)
Sep/15/1999 3:43
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