Last year, Beijing did cut off the wings of its once soaring tech giants in a dramatic clash between public and private power. losses included some of China’s leading technology companies, including internet companies Tencent and Alibaba, Food delivery app Meituan, Ride-hailing app I have, as well as online gaming, tutoring, and cryptocurrency companies. Despite the chilling effects on innovation and economic growth, regulators appear poised to resume enforcement actions in 2022 to fuel Xi Jinping’s pursuit of “shared prosperity.”

Before that year, China’s antimonopoly and technology regulators were viewed being relatively toothless, keeping China’s mighty tech titans in check. The change in the fortunes of Jack Ma, Alibaba’s dishwasher founder, shows how much this narrative has changed. In 2015, Ma put under pressure a regulator to publicly revoke a critical report against Alibaba. At the end of 2020, after Ma took part in a conference against …

Source link

Leave a Reply