The rise of companies such as Tencent shows China can unlock still more of its growth potential by giving more market access to private companies and rolling back state monopolies, he said. For years, China’s private companies operated in the long shadow of the gargantuan state sector, deprived of capital and support. Inc.; Tencent won the backing of Naspers Ltd, a South African media company; Baidu Inc.’s early investors included IDG Capital Partners, according to Crunchbase. Along with Alibaba, Tencent has now advanced to the vanguard of the private sector. Popular titles including Cross Fire and Naruto Mobile helped Tencent more than double smartphone gaming revenue to 9.6 billion yuan in the period.

Source: Mint September 05, 2016 08:48 UTC