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Why Is China Smashing Its Tech Industry?
- barry-cotter 5y ago> China never really shifted out of survival mode. Yes, China’s leaders embraced economic growth, but that growth has always been toward the telos of comprehensive national power. China’s young people may be increasingly ready to cash out and have some fun, but the leadership is just not there yet. They’ve got bigger fish to fry — they have to avenge the Century of Humiliation and claim China’s rightful place in the sun and blah blah. > And so when China’s leaders look at what kind of technologies they want the country’s engineers and entrepreneurs to be spending their effort on, they probably don’t want them spending that effort on stuff that’s just for fun and convenience. They probably took a look at their consumer internet sector and decided that the link between that sector and geopolitical power had simply become too tenuous to keep throwing capital and high-skilled labor at it. And so, in classic CCP fashion, it was time to smash.
- 8eye 5y agobecause china is not an open market system. so whatever the government says goes
- throwaway4good 5y agoFor a more reasonable take on this, that also cites a series of government sources see this Twitter thread: https://mobile.twitter.com/ruima/status/1420060835313971200 https://mobile.twitter.com/ruima/status/1420060835313971200 Basically internet consumer businesses (in particular fueled by a bubble) have a series of well understood bad externalities that are harmful to long term growth and civil society.
- Apocryphon 5y agoSo this is what wonks call "industrial policy."