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China's Tencent told to get state approval for new apps: state media

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Government micromanagement of innovative new technology will be the death of the Chinese economy. Mr. Xi is doing a Hugo Chavez on China. We are only seeing the first early years but if this continues China's economy will fail.

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This is like an arbitrary tax. When govt do this, they may not intend to destroy a company, but that can easily happen. Govt overreach is a huge issue in CCP-China.

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Good news!

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Anything now is purely speculative, but I wonder if this is the beginning of a big policy pivot from the government. Now that they have established economic independence (dominance in fact) we could possibly see a fully socialized planned economy finally emerge. It has long been a sticking point with me with China, even though I did see the necessity of the models they used to now.

If that is what is happening here, it is definitely an interesting tactic to take. Not a bad one necessarily, given the evidence we have in history of how violently capitalism will try to defend itself. It really is necessary for a country to insulate itself. It also provides a really clear roadmap for other countries to follow suit.

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