So what's happened i think is a bit of (1) Very rapid provincial/local government supported innovation and economic expansion across the board with little time

So what's happened i think is a bit of (1) Very rapid provincial/local government supported innovation and economic expansion across the board with little time for more "big picture" regulatory and risk management frameworks to catch up (2) a large growth in the number of relatively inexperienced financial market investors created by the expansion who fuel boom and bust market cycles. What you see is a bit of power balance struggle that is happening as the regulatory and risk management pieces of the government catches up to the expansion and innovation. It's happening across the board - financial, environment, safety, data privacy regulations (ie. companies buying/selling data) etc etc - these headline grabbing actions are one way to build popular support.. not too different from how prosecutors amd regulators operate in the West actually.