ANALYSIS: China's war on everything turns towards its own tycoons, with Jack Ma being a prime example
In yet another regulatory crackdown, Beijing ordered that all education companies, particularly those engaged in after-school tutoring, would be banned from making a profit.
While Washington too has attempted to rein in the power of huge technology companies and the extensive data they control, the authoritarian approach from Beijing, the sudden, highly co-ordinated nature of the clampdowns and the forced break-ups hint at something more sinister. Each time he has failed and each time he has been forced to revert to the old model – a debt-driven stimulus program revolving around infrastructure and construction.The banking system has seized, forcing the central bank to inject liquidity, which then caused an explosion of high-risk lending.
Then there was the much-trumpeted goal of transforming China from a global factory of cheap exports into a western-style consumer economy.But the well-worn path of government infrastructure is beginning to wear thin.
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