Why is China clamping down?

China is clamping down on its “excessive work culture that pervades the country’s largest corporations,” Bloomberg reported. President Xi Jinping’s administration launched a campaign to control the fast-growing power of the country’s biggest corporations.

What is the China crackdown about?

China has been on a months-long regulatory crackdown aimed broadly at its internet giants, and has introduced a series of legislation on issues ranging from anti-monopoly to data security. The moves have sent investors scrambling and wiped out billions of dollars in value from the country’s tech titans.

Why is China cracking down on billionaires?

Tech crackdown and ‘prosperity’ Xi’s attempt to re-prioritise “common prosperity” partly explains why Beijing launched aggressive crackdowns on its biggest companies throughout the year – ostensibly to also protect consumer rights, data privacy, and work conditions in the gig economy.

Why is China going after its own companies?

For the firms themselves, there are many reasons: more liquidity, greater access to capital, and greater visibility for the global market. For others, like Didi Global, listing in the U.S. just comes with the global nature of their business.

Does Xi Jinping’s break with the west make political sense in China?

As Chinese President Xi Jinping’s rule deepens and the break with the West becomes more ingrained, it makes political sense within China even if it creates a diplomatic headache. Rescue workers cross a flooded street following heavy rain that claimed the lives of at least 33 people in Zhengzhou, China, on July 23.

Is China going after the core of its new entrepreneurial driven economy?

“China is going after the core of its new entrepreneurial driven economy, and it’s going after their business models,” he said. Beijing seems spooked by the reaction: The China Securities Regulatory Commission convened an emergency meeting on Wednesday in an attempt to reassure investment banks.

Is technology at the forefront of the US-China confrontation?

That seems extremely unlikely: President Joe Biden’s team has continued most Trump-era restrictions, and technology remains at the forefront of the U.S.-China confrontation. Nevertheless, the firm has recently hired a cluster of new lobbyists]