The Setting

Andrew Collier ()
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Andrew Collier: Pine Court

Chapter Chapter 1 in China’s Technology War, 2022, pp 1-10 from Springer

Abstract: Abstract This chapter outlines the beginning of the technology crackdown with the speech by Jack Ma of Alibaba on October 24, 2020. It then traces the reaction to the speech within the Chinese leadership and the gradual rise of a series of measures restricting the growth of China’s technology sector. It classifies the underlying motivations for the policy shift according to economic and political rationales. Economically, the platform economy was viewed as increasing the risk of financial instability, particularly regarding Ant Financial’s lending business. However, more important, political control for the Communist Party is discussed as the underlying reason for the government’s actions, many of which had no economic rationale. Last, the chapter discusses Xi Jinping’s Common Prosperity program to improve the distribution of income and why it is likely to fail due to economic difficulties of implementation and structural deficits in the Chinese economy.

Keywords: Jack Ma; Alibaba; Common prosperity; IPO; Ant financial; Party congress; Regulation; Data (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_1

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DOI: 10.1007/978-981-19-3042-3_1

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