Beijing: Ruling communist party Tight political control over China Internet U.S. and European harnessing veterans and their wealth to pay for their ambitions to reduce their reliance on technology.
Anti-monopoly and data protection actions that began in late 2020 have rocked the industry, which flourished for two decades with little regulation. Investor panic has driven the e-commerce platform’s total market cap to drop by over $1.3 trillion Alibaba, games and social media operator Tencent and other tech giants.
The party says anti-monopoly enforcement will be a priority by 2025. He says that competition will help in creating jobs and raising the standard of living.
President Xi JinpingBusinessmen, lawyers and economists say the government is likely to stay on course even if economic growth suffers. Steve Tsang, a Chinese political expert at the School of Oriental and African Studies in London, said the action reflected Xi’s public emphasis on reviving the party’s “original mission” of economic and social development. He said it could also help Xi politically, as expected, as he pursues a third five-year term as party leader.
Lester said Chinese leaders do not want direct control over the economy, but want private sector companies to align with the ruling party’s plans. Ross, head of the Beijing office of the law firm WilmerHale.
“They are concerned about companies becoming too big and too independent of the party,” Ross said.
Anti-monopoly and data protection actions that began in late 2020 have rocked the industry, which flourished for two decades with little regulation. Investor panic has driven the e-commerce platform’s total market cap to drop by over $1.3 trillion Alibaba, games and social media operator Tencent and other tech giants.
The party says anti-monopoly enforcement will be a priority by 2025. He says that competition will help in creating jobs and raising the standard of living.
President Xi JinpingBusinessmen, lawyers and economists say the government is likely to stay on course even if economic growth suffers. Steve Tsang, a Chinese political expert at the School of Oriental and African Studies in London, said the action reflected Xi’s public emphasis on reviving the party’s “original mission” of economic and social development. He said it could also help Xi politically, as expected, as he pursues a third five-year term as party leader.
Lester said Chinese leaders do not want direct control over the economy, but want private sector companies to align with the ruling party’s plans. Ross, head of the Beijing office of the law firm WilmerHale.
“They are concerned about companies becoming too big and too independent of the party,” Ross said.
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