Why is China smashing its tech industry? - by Noah Smith - Noahpinion
noahpinion.substack.com · 2,344 words · saved by 1 readers
Maybe because what countries think of as a "tech industry" isn't always the same
Those who pay attention to business news have probably noted an interesting and curious phenomenon over the past few months: China is smashing its internet companies. It started — or at least, most people in the U.S. started noticing it — when the government effectively canceled the IPO of Ant Financial, then dismantled the company. Jack Ma, the founder of Ant and of e-commerce giant Alibaba, was summoned to a meeting with the government and then disappeared for weeks. The government then levied a multi-billion dollar antitrust fine against Alibaba (which is sometimes compared to Amazon),…
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