The Bureaucracy Strikes Back

Andrew Collier ()
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Andrew Collier: Pine Court

Chapter Chapter 3 in China’s Technology War, 2022, pp 27-45 from Springer

Abstract: Abstract The speech by Jack Ma instigated a new era of regulation through a number of bureaucracies in Beijing. This began a period of increased regulation over data, financial risk, antitrust, and other areas. The most significant risk was the entry of Ant Financial into banking by arranging loans for smaller banks. The risks are analyzed in detail to show how they were exaggerated and how there was a loss to efficiency of financial intermediation. However, conflict between bureaucracies slowed the enactment of new laws and resulted in a confused regulatory environment for technology companies competing both within China and internationally. In addition, the style of governance, and many of the rules, suggested that the changes were as much about rectifying a perceived power imbalance between the government and the private sector as it was improving the business environment. The combination of aggressive intervention and an uneven regulatory environment is likely to persist for a period of time.

Keywords: CBIRC; Zhou Xiaochuan; Ant financial; Financial risk; Shadow banking; Digital currency; PBOC; SAMR; MIIT; SAIC; Antitrust; NDRC (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-19-3042-3_3

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DOI: 10.1007/978-981-19-3042-3_3

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