Xi seeks submission from business giants

Why China's efforts could be self-defeating

Xi Jinping.
(Image credit: Noel Celis - Pool/Getty Images)

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China's regulatory crackdown on its most powerful businesses appears far from over, said Christian Shepherd at the Financial Times. Over the past several months, the world's second-largest economy has "knocked tens of billions of dollars off the valuations of some of the country's biggest tech groups," including Alibaba, Tencent, and Didi, with several "sudden interventions" aimed at curtailing the size and influence of corporate behemoths. But newer restrictions have reached beyond dominant tech firms. China recently prohibited online schools — a big business in China — "from making profits, raising capital, or listing on stock exchanges." Increased regulations have also led to an exodus of almost half of the world's Bitcoin miners. And the effort to "assert Communist Party supremacy" seems to be only beginning.

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