China’s crackdown on tech may snuff out innovative enterprises instead of promoting ‘common prosperity’, cautions Low
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Since the last quarter of 2021, signs of a sharply decelerating Chinese economy have begun to emerge. This slowdown goes well beyond the property, private education, and internet platform companies that were the targets of intense regulatory action in the last 12 months. China’s crackdown on tech and a range of other sectors shows its economic policies are increasingly driven by ideological rather than market considerations. But instead of promoting 'common prosperity', innovative enterprises are being snuffed out by regulators in the belief that the economy can be engineered to fit utopian visions, comments Donald Low, IEMS Director.
Read Low’s opinion piece on SCMP published on 16 January 2022.
