BY LORETTA CHAO
BEIJING—China announced a potentially powerful new agency to supervise the Internet, underscoring the evolving regulatory environment in the country just as interest in Chinese Web companies is soaring among global investors.
A string of public offerings is in the pipeline. The debut of social-networking site operator Renren Inc. Wednesday on the New York Stock Exchange raised $743.4 million, even though the company posted a loss for 2010.
Analysts say it is unclear whether the new office will streamline the bureaucracy or add another layer.
The new State Internet Information Office will be headed by officials from at least three agencies ...
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