Technology start-ups in two of China’s hottest sectors are facing a fresh rush of competition as state-backed rivals push into ride-hailing and peer-to-peer lending.
The onslaught is the latest salvo in authorities’ efforts to clamp down on the industries, both of which have fallen foul of regulators, and to temper the power and influence of burgeoning private tech groups.
Investors and executives say Beijing is fretting that the tech private sector is running ahead of lumbering state-owned enterprises and is keen to redress the balance.
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