Economist Podcasts The Intelligence: The CCP would like chips with that
4 snips
Jan 16, 2024 
Mark Carney, former central banker for Canada and the UK, shares his insights on China's shifting tech regulations, focusing on the shift towards 'hard tech' over gaming. He discusses the implications for major firms like Tencent and the potential financial fallout. Carney also reflects on his ambitions in Canadian politics amidst current challenges like housing affordability. The conversation takes a turn to explore the rise of social media as personal diary platforms, revealing our cultural fascination with confessional writing.
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Tencent's Dreamstar vs. Regulation
- Tencent released a game called Dreamstar, hoping to compete with NetEase's Eggie Party.
- However, regulators signaled a cap on in-game spending, causing Tencent's share price to plunge.
China's Tech Regulation Goals
- The Chinese government's regulations aim to align massive internet companies with the Communist Party's plans.
- This has negatively impacted gaming and online education, pushing investors towards “hard tech” like semiconductors and AI.
Balancing Control and Investment
- The Chinese government is trying to balance attracting investors and maintaining control.
- The negative reaction to past regulations has prompted them to be more cautious, signaling a desire to avoid market shocks.
