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Ever since Chinese President Xi Jinping marked the opening of the first World Internet Conference in 2014, it was meant to usher in a new era of digital openness and project China as a champion of global cyber governance. Those promises are now starting to lie fallow.

The growth engines of Amazon.com and Alphabet, the world’s largest Internet companies, sputtered last quarter, and after weeks of stock market jitters, investors were in no mood to give them a pass.