China’s biggest live-streaming and e-commerce platforms saw shares drop after the country slapped an unprecedented tax evasion fine on a top influencer.
Browsing: Xi Jinping
This was supposed to be Jack Ma’s finest hour. Instead Beijing reined in his empire, abruptly clipping the wings of corporate China’s biggest star.
China’s economy risks slowing faster than investors realise as President Xi Jinping’s push to regulate sectors from education to technology combine with a power shortage and the pandemic.
President Xi Jinping handed down orders for handling the case of Huawei Technologies executive Meng Wanzhou, China said.
Tencent and NetEase shed more than $60-billion of value on Thursday as investor fears grow that Chinese regulators are preparing to tighten their grip dramatically on the world’s largest gaming industry.
It’s no coincidence that an edict barring kids in China from playing online videogames for most of the week came as the education ministry introduced a new subject to the national curriculum: Xi Jinping Thought.
President Xi Jinping has increasingly emphasised the idea of “common prosperity” as the Communist Party tries to address the country’s wealth gap.
Even a $1.5-trillion selloff may not provide an attractive entry point for equity investors as they grapple with cascading risks in China’s technology sector.
President Xi Jinping put China’s wealthiest citizens on notice on Tuesday, offering an outline for “common prosperity” that includes income regulation and redistribution, according to state media reports.
As $1-trillion evaporated from Chinese stocks last week, some investors realised they hadn’t paid enough attention to the country’s most important man: President Xi Jinping.