China's tech crackdown cost over $1 trillion. But the economy is in such deep trouble that the country's cozying up to its tech firms again.
China's tech crackdown cost over $1 trillion. But the economy is in such deep trouble that the country's cozying up to its tech firms again.::Local governments in China are wooing deals with tech giants to build on the so-called "platform economy," per the SCMP.
https://www.businessinsider.com/china-economy-big-tech-crackdown-investment-cost-trillion-alibaba-tencent-2023-7Open linkView original on lemmy.world
The title is an opinionated interpretation of a fact, not a fact.
The crackdown was aimed at web-based services like e-commerce and ads and "innovative" ponzi scheme like cryptos.
But now that the US has launched a Tech war against China, China needs to develop their own core technologies: Hardware, Chips, AIs. Softwares, etc.
People have been saying the Chinese economy is a year or two away from complete collapse for the past few decades, each time for a different reason. I'll believe it when it actually happens.
I've said it before and I'll say it again: fuck China, fuck their Uyghur policy, fuck their human rights violations. Fuck them.
They want tech, they just want to be sure tech knows which hand holds the whip.
That seems clear now.
Yet they’re buying up land globally like it’s going out of style. In Asia, Africa, even US farmland. Thankfully a bill was recently passed to block purchases in the US now.
They’re buying islands around the globe, close to US installations for strategic military purposes for their announced ~2027 invasion of Taiwan which will include the US and Australia getting involved.
I went off topic for Technology but I feel it applies to talk of their economy.