The Intelligence: The CCP would like chips with that
Jan 16, 2024
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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.
China's government is attempting to shape the gaming industry in line with Communist Party priorities while avoiding major shocks to the stock market and company valuations.
Mark Carney, a former central-bank governor, is rumored to be considering a run for the position of Prime Minister of Canada, aligning his ambitions with addressing Canada's housing crisis, decarbonizing the economy, and promoting economic growth.
Deep dives
Chinese gaming industry faces regulatory challenges
The Chinese gaming industry, including major companies like Tencent and NetEase, has faced significant regulatory challenges from the Chinese government. These challenges include the cap on in-game spending and anti-monopoly regulations. The government's aim is to shape the industry in line with the Communist Party's plans and priorities. However, the government also wants to avoid causing massive shocks to the stock market and the companies' valuations. The regulatory changes highlight the contradictions within the Communist Party's approach to gaming and technology.
Mark Carney's political ambitions in Canada
Mark Carney, a globally renowned central banker who has served in Canada and the UK, is rumored to be considering a run for the position of Prime Minister of Canada. Carney's background and experience in finance, combined with his focus on climate change and other global challenges, could make him a potential candidate. Carney has been elusive about his political ambitions, but he has engaged in conversations with Prime Minister Justin Trudeau about potential roles within the Liberal Party. Carney's ambitions align with addressing Canada's housing crisis, decarbonizing the economy, and promoting economic growth.
The rise of social media diary influencers
There is a growing trend on social media platforms, particularly YouTube and TikTok, where individuals share their teenage diary entries and personal stories. These so-called diary influencers attract millions of views by reading and discussing their past experiences. The appeal lies in the relatability, nostalgia, and the mental health benefits of journaling. While sharing personal diaries online may seem new, it actually draws from a long tradition of diary writing, where diary entries were often shared privately or read aloud to create a sense of community. Today, these diary influencers connect with a wider audience, creating a supportive and engaged community.
China’s flip-flopping on video-game regulation reveals a messy message: leaders want to encourage “hard tech” such as chips and AI over the consumer kind—without sparking another costly crackdown. We ask Mark Carney, a former central-bank governor, whether he has ambitions to lead Canada (09:16). And why so many social-media types want to share their diaries online (18:19).
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