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> with complete disregard on how the stock market might react. I personally regard this as a positive fact, and I'm generally against the policies of the current Chinese authorities. The stock market should not be the be-all and end-all of our modern society.
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"Shares in Tencent plunged 9.0% in Hong Kong on Tuesday amid widespread market jitters over Chinese regulatory crackdowns on high-growth sectors, including online platforms and, most recently, private tutoring. Hong Kong's benchmark Hang Seng Index (.HSI) fell 4.2%." Fascinating how the Chinese authorities seem to be regulating the these companies with complete disregard on how the stock market might react.
> on how the stock market might react. The stock market is just a facade, a theatre, to appear to the West that Chinese economy is somewhat legitimate. In reality everything is in CPC hands and all these companies only appear to be private.
WeChat registration was a fascinating experience. You download the app and then someone who is already in the system has to verify you via QR code scan. That's how it was when I visited a couple years ago, at least.
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I'm not sure why your comments were flagged. They were not only reasonable, but pretty informative to me.
Probably flagged for that reason. It was maybe too informative for my taste lol Weirdly Im prevented to post with the same account.
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I don't think this is so naive. Jack Ma, for example, disappeared last year shortly after a speech where he called the finance regulators incompetent and tried to use his fortune to bypass them. What probably scared the Chinese government is that he got close to getting away with it. If I recall correctly, that was the flash point for the Chinese Big Tech crackdown.
You have it backwards. Jack Ma was scared and emerged in a video tape out of nowhere. Why would CCP be scared? That doesn’t make any sense.
Why would one of the richest men in China openly defying the most basic financial regulations, and then trying to strong-arm the regulators by IPOing as fast as possible before regulations could be finalized, thus making them hurt a lot more people, and almost getting away with it, scare the CCP? I don't know, you ask me. I have no idea how an authoritarian government could be threatened by one of the most powerful people in their society openly calling them incompetent, defying them, and trying to make laws ineffective. None at all.
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I don't think this is so naive. Jack Ma, for example, disappeared last year shortly after a speech where he called the finance regulators incompetent and tried to use his fortune to bypass them. What probably scared the Chinese government is that he got close to getting away with it. If I recall correctly, that was the flash point for the Chinese Big Tech crackdown.
You have it backwards. Jack Ma was scared and emerged in a video tape out of nowhere. Why would CCP be scared? That doesn’t make any sense.
Most regimes and communist systems are paranoid. They'll make sure there wouldn't be another Jack Ma.
"Shares in Tencent plunged 9.0% in Hong Kong on Tuesday amid widespread market jitters over Chinese regulatory crackdowns on high-growth sectors, including online platforms and, most recently, private tutoring. Hong Kong's benchmark Hang Seng Index (.HSI) fell 4.2%." Fascinating how the Chinese authorities seem to be regulating the these companies with complete disregard on how the stock market might react.
Naively, it looks like the CCP sees the influence and heft US tech exercises on the US population and world at large. The CCP will forgo economic might (in this sector) for social stability and control every time. They do not want these titans to have more power or influence than they have so they rein them in and let them know who holds the straps.
Centralized power is good (if that's what you want, and it seems like that's the MO of the CCP).
They just need to control it.
They should want Tencent to take over the world - with them in complete control of Tencent (which they basically already are).
Why should the CCP afraid of Tencent getting big instead of trying everything they can to make Tencent and ByteDance etc bigger?
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I think that may be part of the point. In matters of state, in China, markets react to policy not the other way around. In the west markets direct policy through a kind of indirect or virtual parliament. Whether China's approach is wise or not...I don't know.
What examples do you have of this "indirect parliament" effect? Yes various interests lobby the government all the time. But what are the best/clearest examples of the market tail wagging the policy dog?.
Net neutrality is a great example. Paying telecoms to build infrastructure that they don't build and just pocket. The case in Ohio recently where their energy company bribed officials to give them a 1 billion dollar bail out.
Another is any regulation that's not done for the greater good. Like in my state you have to be a licensed bartender and have graduated from a bartending school. Guess who pushed for that requirement? It wasn't the public.