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Martin Chorzempa on China’s Cashless Revolution and the Rise of Super Apps
Macro Musings with David Beckworth
The Central Bank Governor Supported by Premier Wen
In any system, there are going to be losers from innovation. Without political backing that can help make sure that the powerful incumbents can't block it. It's hard for innovation to really survive in these kind of highly regulated environments. Governor Joe is really important because he for a long time thought that new technology and competition was really the only way that China's system was going to be able to support innovative small companies.
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