China tries to quell investor fears about internet companies

BEIJING (AP) — China’s government is trying to quell investor fears about tighter controls on internet companies that caused share prices to plunge, saying Beijing supports their growth. A foreign ministry spokesman said Thursday that regulators are reviewing data security “in accordance with the law” in order to prevent “national security risks.” Chinese internet stocks tumbled in New York and Hong Kong after ride-hailing service Didi was ordered to stop signing up new users while it overhauled its handling of customer information. Others have been penalized for anti-monopoly and other violations, prompting concern the ruling Communist Party is trying to rein in companies that pervade Chinese life.