Europe in decline?
The Nobel Prize winning Columbia University economist Edward Phelps maintains that innovation is the key to economic growth, prosperity and human happiness.
Tencent-owned WeChat said on Tuesday it has temporarily suspended registration of new users in China, as the regulators in the country come down heavily on the internet firms.
In a post on social media, Weixin (known in China) said that the temporary suspension is “according to relevant laws and regulations.”
“In the meantime, the registration of new WeChat personal accounts and public accounts will be temporarily suspended,” the platform posted.
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“Registration services will be restored after the upgrade is complete, which is expected in early August,” it added.
The development comes “comes amid a widening crackdown on technology and now education companies by Chinese regulators that have spooked investors,” reports CNN.
Earlier this month, China’s Cyberspace Administration suspended the registration of new users from ride-hailing app Didi.
Last month, US President Joe Biden revoked and replaced executive orders targeting TikTok, WeChat and eight other software applications signed by President Donald Trump.
According to the White House, the new order signed by Biden directed the US Commerce Department to instead evaluate software applications connected with “foreign adversaries” under recent US supply-chain security rules “and take action, as appropriate”.
Citing national security concerns, Trump had sought to block new users from downloading TikTok and WeChat in the US, but his orders were blocked in federal district courts and never took effect.
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