The Communist Party’s deep ambition is to sharpen their China's technological edge, boost competition and benefit consumers. It could easily go wrong
That is why President Xi Jinping’s assault on his country’s $4trn tech industry is so startling. There have been over 50 regulatory actions against scores of firms for a dizzying array of alleged offences, from antitrust abuses to data violations. The threat of government bans and fines has weighed on share prices, costing investors around $1trn.
Twenty years ago China hardly seemed on the threshold of a technological miracle. Silicon Valley dismissed pioneers such as Alibaba as copycats, until they leapt ahead of it in e-commerce and digital payments. Today 73 Chinese digital firms are worth over $10bn. Most have Western investors and foreign-educated executives. A dynamic venture-capital ecosystem keeps churning out new stars.
The question is how? China is about to become a policy laboratory in which an unaccountable state wrestles with the world’s biggest firms for control of the 21st century’s essential infrastructure. Some data, which the government says is a “factor of production”, like land or labour, may pass into public ownership. The state may enforce interoperability between platforms . Addictive algorithms may be more rigorously policed. All this would hurt profits, but might make markets work better.
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