Beijing’s crackdown on the sector, followed by recent huge investments in AI and other areas, are part of a long pattern of shifts in the way the government has approached tech development.
Visitor look at a display of "Chinese-made Chips" during the World AI Conference & High-Level Meeting on Global AI Governance, held in Shanghai, China, July 4, 2024. Credit: VCG via AP Images
Jack Ma’s fintech giant, Ant Group, had its initial public offering blocked after he publicly challenged government regulatory currents. Ride-hailing industry leader DiDi was hit with an investigation that would lead to $1.2 billion in fines, and its IPO in New York was ultimately reversed. Whole industries — online tutoring and mobile gaming — were banned out of existence or frozen in place by regulatory fiat. The future suddenly became uncertain for online delivery companies like Meituan
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The former Biden official and China scholar makes the case for the previous administration's approach and discusses why Beijing is content to watch the U.S. now dismantle its sources of strength
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