Big Take Asia Xi Has Embraced China’s Tech Titans Once Again. Will It Last?
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Feb 25, 2025 Lucille Liu, a Bloomberg reporter based in Beijing, shares her expertise on China's tech landscape. She discusses President Xi Jinping's surprising outreach to Jack Ma and other tech leaders, suggesting a potential thaw in relations after years of strict regulations. The conversation dives into the historical tensions between the government and tech firms, questioning the sustainability of this newfound cooperation. Liu also touches on the broader challenges facing the sector, including the impacts of the COVID lockdown and geopolitical tensions with the U.S.
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Robot Performance at Spring Festival Gala
- At the 2023 Spring Festival Gala, humanoid robots made by Unitree Robotics performed.
- This performance, directed by Zhang Yimou, signaled a potential warming of the Chinese government towards tech giants.
Ant Group IPO Halt
- In 2020, Beijing halted Ant Group's IPO, wiping out over a trillion dollars from Chinese tech firms' market value.
- This marked the beginning of a crackdown on the tech sector, with large fines and state media criticism.
Reasons Behind Tech Crackdown
- The tech crackdown stemmed from concerns about the outsized power of tech companies and their influence on daily life.
- This power was perceived as a threat to political and financial stability in China.