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LIJIANG,CHINA-FEB 18:Mao statue,with the slogan on wall: " Long live the great Communist Party of China" in Lijiang on Feb 18 2012. Mao, a statesman who laying the foundation of new china

Will China’s Huge Tech Sector Crackdown Stifle Innovation?

Part I: How will the Common Prosperity program really play out in the private sector?

Didi Chuxing (Didi Global, Inc.), the largest ride-hailing company in the world, was reprimanded when it opened on the New York Stock Exchange after regulators warned it needed to shore up its data security issues. Meituan, China’s massive shopping and coupon app, was recently fined $533 million for “anticompetitive behavior.” Alibaba, owned by tech billionaire Jack Ma, had to pay a $2.8 billion fine for the same reasons. Antitrust regulators dinged Tencent, Baidu (China’s Google alternative), ByteDance (parent company for TikTok), and ecommerce company JD.com Inc.  The billion-dollar online private tutoring industry sank after the Chinese government declared that after-school tutoring is now non-profit only. Then the online gaming industry was hit when the Chinese government declared children are only allowed to play for a few…

China stock market exchange / Shanghai stock market analysis forex indicator of changes graph

China’s Crackdown on Big Tech: Didi Global Inc.

In an authoritarian government, data is power

The Chinese Communist Party is on a campaign to reign in the private sector and some analysts say it is just the beginning. According to Wall Street Journal: Investors, analysts and company executives believe the government is just getting started in its push to realign the relationship between private business and the state, with a goal of ensuring companies do more to serve the Communist Party’s economic, social and national-security concerns. Jing Yang, Keith Zhai, and Quentin Webb, “China’s Corporate Crackdown Is Just Getting Started. Signs Point to More Tumult Ahead” at Wall Street Journal. Last November, the Chinese Communist Party (CCP) reined in Ant Group, Ltd. which was poised to open on the Shanghai and Hong Kong index with…

new-yuan-digital-currency-of-china-on-red-economy-graph-chart-stockpack-adobe-stock.jpg
New Yuan digital currency of china on red economy graph chart

China Sharply Reins in Big Tech Amid All-Digital Currency Rollout

Ant Group must turn over its vast customer database to the government in exchange for the easing of strict regulations

Earlier, we looked at what China’s new digital yuan, also called Digital Currency Electronics Payment or e-CNY, will mean for Chinese citizens. The rollout may relate to billionaire e-commerce founder Jack Ma’s critiques of China’s regulators and subsequent (temporary) disappearance. Also to the subsequent denial of his Ant Group’s billion-dollar initial public offering on the Shanghai index. Since then, the Chinese government has cracked down on several Big Tech companies while promoting the digital yuan. How China is rapidly reining in its Big Tech industries Chinese media have been promoting the second annual Double Five (i.e., May 5) Shopping Festival in Shanghai. This month-long state-organized shopping festival is part of “National Consumption Promotion Month.” The first Consumption Month festival, held…

Businessman hand holding tablet and Yuan currency sign on digital map backgroung.Chinese Yuan digital currency and circuit background.Technology digital Financial and china cryptocurrency concept.
Businessman hand holding tablet and Yuan currency sign on digital map backgroung.Chinese Yuan digital currency and circuit background.Technology digital Financial and china cryptocurrency concept.

Why China Is Making a Bold Gamble With Digital Currency

“Controllable anonymity” means that all transactions between individuals are visible to the People’s Bank and trackable by the Chinese government

Last week, China announced the national rollout of the electronic yuan, a plan in the works since 2014. The e-CNY* or Digital Currency Electronics Payment (DCEP) was piloted last year in four major Chinese cities: The digital yuan resides in cyberspace, available on the owner’s mobile phone — or on a card for the less tech-savvy — and spending it doesn’t strictly require an online connection. It appears on a screen with a silhouette of Mao Zedong, looking just like the paper money. In tests in recent months, more than 100,000 people in China have downloaded a mobile-phone app from the central bank enabling them to spend small government handouts of digital cash with merchants, including Chinese outlets of Starbucks…

missing-piece

Chinese Entrepreneur Jack Ma Missing After Criticizing The Party

If even Jack Ma can just disappear in China’s high tech world, is anyone safe?

Several media outlets are asking “Where is Jack Ma?” China’s most well-known tech entrepreneur and self-made billionaire has not been seen publicly after a speech he gave at the Bund Summit in Shanghai in October criticizing China’s financial system. CNBC’s David Faber reports that Ma (pictured) is not missing but “laying low” and is purposely remaining less visible after his speech angered the CCP. Radio Free Asia, however, says Ma is definitely under a travel ban and may be “under restrictive measures.” More ominously, Asia Times Financial reports that a CCP mouthpiece has said Jack Ma is now “embracing supervision” at an undisclosed location. So who is Jack Ma? He is the founder of e-commerce company Alibaba Group. The company’s…