The Intelligence from The Economist Taken for a ride: why China is leaning on Didi
Jul 6, 2021
Don Wineland, The Economist's China business and finance editor, and James Bennett, a visiting senior editor, dive into China's regulatory crackdown on tech giants like Didi after its IPO. They discuss the implications of these restrictions on China's tech landscape and the broader regulatory environment. The duo also addresses the significant vacancies of U.S. ambassadors and the political hurdles in filling these critical roles. Finally, they humorously touch on the challenges of mobile service providers while delving into the complexities of classifying the Southern Ocean.
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Didi's Regulatory Troubles
- Didi, a Chinese ride-hailing app, recently had a large IPO on the New York Stock Exchange.
- Shortly after, Chinese regulators investigated Didi's data practices and removed the app from app stores.
Crackdown on Chinese Tech
- The crackdown on Chinese tech companies, including Didi, began in late 2020 with Ant Group's halted IPO.
- This crackdown has expanded to include various tech companies and regulatory bodies.
Regulators' Motives
- Chinese regulators aim to protect personal data and exert control over online activities.
- The government's desire for global champions may conflict with its control over these companies.