Calling it a blood bath is an understatement.
On July 23, Chinese stocks listed in the U.S. plunged as Beijing issued new regulations cracking down on education technology companies that provide services such as tutoring. New Oriental, an institute where your correspondent spent a good amount of her youth in Beijing, dropped 60% when the market opened. Others saw their market caps decline by more than 50%.
The ed tech sector isn’t alone in this free fall. Large-cap Chinese internet companies have been in decline for weeks. This week’s da bing attempts to explain why the Chinese government suddenly cracked down on all things internet—and how that might help us understand why its recent crypto crackdown isn’t really about crypto per se, but is part of a much wider cleanup.
No one escaped
American politicians have been grousing about wanting to crack down on Big Tech for years, yet little has been done. While the government in China hasn’t made much noise, once it decided to s
Źródło: https://decrypt.co/76968/chinas-ongoing-crypto-crackdown-is-all-about-perception
