[News] China Withdraws Approval For Facebook’s Planned Venture

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The Chinese government has withdrawn its approval for Facebook’s plan to open a venture in the eastern province of Zhejiang, the New York Times reported on Wednesday, citing a person familiar with the matter.

Facebook said on Tuesday it planned to create an “innovation hub” to support local start-ups.

The subsidiary was registered in Hangzhou, according to a filing approved on China’s National Enterprise Credit Information Publicity System last week and seen by Reuters on Tuesday.

A Chinese government database showed that Facebook had gained approval to open a subsidiary. The registration has since disappeared, according to checks made by Reuters.