Economist Podcasts
The Intelligence: The CCP would like chips with that
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.
24:08
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Quick takeaways
- 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.
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