EXPLAINER: Xi Jimping Plans For China Might Not Favour Tech Industry, See Why

Posted by

Flipmemes looks at China’s President Xi Jinping’s campaign to purge China of capitalist excesses.

By moving against companies like Alibaba, Didi and Evergrande, and tightening controls on gaming, abortion and celebrity culture, he is imposing a new reality.

Jinping insists that businesses heed state guidance and that the party must permeate every area of national life.

Mr Xi has purged his rivals and locked up over 200 core tech companies in the country.

Since Jack Ma, the founder of Alibaba, criticized Chinese officials for stifling technological and financial innovation, antitrust regulators launched a crackdown on the country’s internet giants.

Four government agencies were said to have carried out “joint regulatory talks” with Alibaba affiliate Ant Group.

The four were the People’s Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange.

According to sources, the reason why financial authorities are currently questioning Ant Group again was to strengthen anti-monopoly and prevent the disorderly expansion of capital.

The Chinese Communist Party has been pushing for this since early last year, as it aims at curbing market monopolies and preventing the disorderly expansion of capital .

Leave a Reply

Your email address will not be published. Required fields are marked *