Mind Matters Natural and Artificial Intelligence News and Analysis

TagBig Tech (China)

china-from-space-on-realistic-model-of-planet-earth-with-network-concept-of-digital-technology-connectivity-and-travel-stockpack-adobe-stock
China from space on realistic model of planet Earth with network. Concept of digital technology, connectivity and travel.

What’s Behind China’s Crackdown on Big Tech?

Both China and the U.S. are treating big tech with a heavy hand, but under different motivations

In a previous article I looked at Chinese regulators’ crackdown on Didi Global, China’s ride-hailing service. Didi is one of several Chinese tech giants that have been tamed in the past nine months. Prior to Didi, Ant Group, Tencent, Meituan, and Pinduoduo were all quelled by regulators. After Didi, regulators targeted Full Truck Alliance and Kanzhun. They recently shut down online for-profit tutoring and have banned mining cryptocurrencies in China.  Thus far, the Chinese government’s actions have resulted in almost $1 trillion net losses for the Chinese tech sector.  The two big questions are, Why now? and, relatedly, Who’s next? SupChina has a well-organized explainer on China’s Big Tech Crackdown here. Another helpful resource is this video from DW, “How China is tightening control of its tech companies”: According to SupChina, China’s…

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…