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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.

https://www.businessinsider.com/china-economy-big-tech-crackdown-investment-cost-trillion-alibaba-tencent-2023-7

Local governments in China are wooing deals with tech giants to build on the so-called "platform economy," per the SCMP.

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.

5 comments

kredditacc

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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.

TanakaAsuka

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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.

cpo

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I've said it before and I'll say it again: fuck China, fuck their Uyghur policy, fuck their human rights violations. Fuck them.

InverseParallax

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They want tech, they just want to be sure tech knows which hand holds the whip.

That seems clear now.

Teal

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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.