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Is There a Chilling Effect on the Chinese Startups?
It's not just about industrial policies saying we want fewer consumer tech companies, but it's multi-dimensional. It has an impact on a lot of global investors' views of the investability of Chinese and Chinese startups. But if you're somebody who wants to go there and do a chip startup, as long as the US government now doesn't block you from doing that, you're probably going to be welcome. So maybe they don't want the digital no-bad who shows up in Beijing or Shanghai to do another consumer internet startup.