Why is Xi Jinping Destroying China's Tech Companies?
Deng Xiaoping was China's Premier more than 40 years ago. Deng challenged China's existing economic structure, which relied heavily on state control of the market, implying that private companies had limited freedom. Deng reduced the state's influence on the Chinese economy. This helped many private companies. And, over time, Chinese products flooded the global market. And this model was so successful that, in 2010, China surpassed Japan to become the world's second-largest economy. Xi Jinping, on the other hand, came to power in 2013. And he had some other plans for the country. Xi believed that technology is divided into two categories: "nice to have" and "need to have." And Xi appears to regard WeChat, Alibaba, Tencent games, and Didi as "nice to have" technologies. This ideology is not unique to Xi.Read full story