business

China cracks down on its biggest companies

11 Comments
By Jing Xuan TENG

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© 2021 AFP

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China-bashers in 3,2,...

This is actually a huge step in the Right direction. Western countries should be breaking apart the online monopolies to give other businesses a chance. If they dont agree, slam them with 60~70~80% corporation tax.

-1 ( +3 / -4 )

It's just a scheme for better control. Not to mention the US investors dumping their stocks allow the chinese to pick them up for cheap. And they know the stocks will eventually stablelize and even rise again in a few years. These companies are just too large to fail and the government know it. This whole thing is merely to teach these giant companies who is the boss.

Something the US goverment could never do to large tech companies like Apple, Amazon, Fb, Google etc.

1 ( +2 / -1 )

There is potential progress for the Chinese in the tension between the authorities and big tech. Tacit collusion between firms in an oligopoly - like the US - works against consumer and society's interests. Healthcare in the US is an example. Big Tech can be too.

*must now enforce minimum salary levels and "relax delivery time limits".

*local media exposed the dangerous routes taken by drivers on tight delivery deadlines.

*trotted out new rules on Saturday requiring tutoring companies to become non-profits 

*arresting more than a thousand people for laundering money using cryptocurrencies in June.

*"abused its dominant position in the market" by forbidding merchants to advertise wares on rival sites.

*banned crypto trading in 2019 

*company must give up its exclusive rights deals with music labels after violating antitrust laws.

Chinese authorities are no slackers, but are they be over-regulating capitlalistic juices? Political campaigners use big data to identify voters who can be potentially persuaded to switch sides in the west. China will also use data for their gain and to increase their control.

If you're into Sino-dystopia, you might enjoy "The Great U.S.-China Tech War," comparing Beijing under Xi Jinping to "1930s Japan" but it is just a 2020 version of the Red Scare. US think tanks don't take the author seriously, and he has been wrong in predicting the collapse of China he predicted in 2011, 2012, and 2016.

0 ( +0 / -0 )

Good news for millions of delivery riders and millions of students from poor families in China.

0 ( +0 / -0 )

China is a communist state. Attacking private enterprise is what communists do, the same way terriers chase rabbits. The pro-China globalists in the West need to read some books on 20th century history.

2 ( +2 / -0 )

China will only allow capitalism under their terms.

4 ( +4 / -0 )

Political campaigners use big data to identify voters who can be potentially persuaded to switch sides in the west. China will also use data for their gain and to increase their control.

What I think the CCP is afraid of is how much information some of these tech firms possess regarding high CCP officials and the possibility that this information could be lost to western intelligence organizations. Think about it for a minute. All the buying, travel and internet viewing habits including some peoples porn and prostitution habits are in that data. It would be a gold mine for western intel to use to build profiles of high level CCP officials, or to compromise them and use them as spies. I think the CCP has realized their vulnerability to this after Dong Jingwei's defection to the US while on a visit to see his daughter who is attending a university in California (not sure if they are related though) and are taking action to limit their exposure to compromise.

1 ( +1 / -0 )

Attacking private enterprise is what communists do, the same way terriers chase rabbits. 

It hasn’t just been crack downs on private businesses; it is also targeting individual entrepreneurs themselves. It's more about power and influence over people imo. Cults and religious groups are not private enterprises, but once Falun Gong and underground churches started to grow, they were prohibited.

-1 ( +0 / -1 )

The wealth of the Chinese tech companies was what allowed their R&D to match and in some cases overhaul the US.

This sort of crackdown would have been high on Donald Trump's wish list. It might have got China a trade deal a few years ago.

An awful lot of Chinese people held shares in some of these companies. It is one thing to regulate, quite another to reduce the assets of your citizens en masse.

For many, Communism plus the chance to get rich was an acceptable mix. Not that they have had a taste of that, Communism on its own may be less palatable.

Beijing can do what it wants - it just jailed a billionaire for criticising the party - but this sort of thing will create resentment.

I do like their ban on exclusive ownership of streaming content. We need that in the West.

0 ( +0 / -0 )

Believe it or not, China is doing things very well and is on the right track, the Communist Party of China leads the country in one direction and advances without stopping, while the US kindergarten is fighting between its two parties and thus nobody It advances and as they know that they are losing the game and China does not bow their head to westerners, they spend their time trying to do sabotage and disinformation campaigns againt China.

China is the country with the greatest and most fast development in the world and by 2030 it will be the first world power..

Asians will rule the world !!..

GO CHINA !! ..

-3 ( +0 / -3 )

@ken

Asians will rule the world !!..

GO CHINA !! ..

followed by China gobbling up Japan and s.e.a.

yay…..

-1 ( +0 / -1 )

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