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.
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When China began opening up to investment four decades ago, many expected that as its economy became more capitalist, its politics also would become more democratic. They didn’t.
US President Joe Biden on Tuesday warned that if the US ended up in a “real shooting war” with a “major power”, it could be the result of a significant cyberattack on the country.
China’s leadership perceives the same set of problems as the West when it comes to Big Tech. But it’s willing to go a lot further to rein in the clout of its tech giants. Investors should be afraid.
China has issued a sweeping warning to its biggest companies, vowing to tighten oversight of data security and overseas listings just days after Didi Global’s contentious decision to go public in the US.
President Xi Jinping’s government is reining in the country’s most powerful corporations and their billionaire founders, including Alibaba Group, Tencent Holdings and Didi Global. But why?
Pony Ma pledged $7.7-billion towards curing societal ills and lifting China’s countryside out of poverty, echoing Xi Jinping’s priorities at a time Beijing is tightening its grip on Internet giants.
China’s top leader has warned that Beijing will go after so-called “platform” companies, a sign that the months-long crackdown on the country’s Internet sector is only just beginning.
It may be years before we get the Franz Ferdinand hack, but one cyberattack has the potential to set off a global war the likes of which we’ve never seen.
The Biden administration is moving to put semiconductors, artificial intelligence and next-generation networks at the heart of US strategy towards Asia.