China destroyed its tech giants. Here's why.
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- čas přidán 8. 10. 2022
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The Chinese government cracked down on Jack Ma, Alibaba, Ant Financial, Tencent and pretty much every Chinese internet company you might have heard of, wiping out trillions of dollars in value. Here's why.
The Story Behind - ep. 91
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if only you promote this out of your free will :(
It is amazing How little we hear from China. I even lived there in 2007 and in 2011 and yet even though I also real American news and European news daily there is SOO little shared knowledge....
So were there changes at the China Supreme Court as well since they were instrumental in allowing the hyper-competition?
No paid promotion ticked?
I would like to subscribe to Nebula but you need a credit card for that which I don't have. Can you guys please work on a way to include other payment methods like SEPA or PayPal?
The speed with which the CCP can force through change is both Chinas biggest blessing and biggest curse. On the one hand the State can rapidly regulate emerging industries and put the kibosh on potential monopolies and harmful industries. Most places in the West have sluggish legislative bodies which can take years or even decades to catch up, especially in tech. On the other hand the ever changing and seemingly fickle decision making of the CCP can give the economy whiplash. I'm certainly no conservative but even I can see the wisdom on not shaking the bottle too hard.
While their system has its disadvantages, I still think it's valuable to have a government that has the political will to just Get Things Done. As their infrastructure projects have shown, if the CCP sees an unfulfilled need somewhere they'll do something about it, and front the funds if needed. They're also more prompt with responding to changing economic conditions and new industries, like you've said. They may make bad decisions now and again, but that's still better than a dysfunctionally stagnant legislature like the US and my country has.
Do not forget the west actually does have "pullchords" in place than can be thrown around quickly. Typically these are autonomous government organizations such as the CIA, Federal Reserve, etc. In fact, the Chinese government themselves even cautioned the Federal Reserve to not pull the trigger too quickly.
maybe you're just conditioned to think that they shook the bottle too hard, but in reality they shook it juusst right.
Democracy is intentionally designed to be less effective by not giving one person full power.
@@holycow343 true, since here in the west, we are just used to companies doing whatever they want, and the government been a bureaucratic hole.
And im talking as a south american.
Missing one context:
While Apple and Samsung e-wallet are useful as financial tool in US. In China, Ant Group used to behave like a bank while do not follow laws and practice that banks do. They provide loan, run saving account with interest while run the e-wallet business. This cause a brief microloan crisis because Ant don't scrutiny on loans, as those loan are just for petty purchases (example, around 100 bucks, for some fancy clothes)
Meanwhile Ant and other online stores heavily promoted consumerism behavior, uncontrolled buying happen, ended up a lot of people failed to pay debt for their uncontrolled spending behavior. Crackdown on e-finance is expected since then.
Ant Group is front for Wall Street interest.
Just before the crackdown, Ant run an ad about a low income dad taking loans from them so his daughter can throw a huge fancy birthday party and not feel bad in front of her friends. They think this is an example of "doing good" and "helping people". It draw almost universal criticism online and is one the prompt for government to take action.
That's not why Ant was cracked down on. It's because Jack Ma spoke out negatively about Chinese banking and called it pawnshop mentality.
Ant was approved to do an IPO.
Jack gave a speech criticizing the governments regulation of banks and how China banked.
A week later he was called in for questioning, the day after questioning the already approved IPO was nixed.
Then Ma disappeared, his company was fined hugely and he stepped down.
He was allowed to give loans to poor people.
He wasn't allowed to suggest China was less modern or sophisticated in some way to other nations.
@@sparkzbarca keep drinking that KoolAid.
@@willengel2458 what kool aid lol? Do you have anything factually wrong with my statement?
No just want to cry.
I worked at an American Software company. The founder was a man who immigrated from Turkey. At 5-6 pm he would go and tell people: it is time to go to your home and family. His company did really well. He was very popular among the employees and well loved. That is how you run a company!
Cool story, you should email it to people
May I ask, which company was it?
"At 5-6 pm he would go and tell people: it is time to go to your home and family. " At 5-6PM, a Chinese Boss would tell their workers, if you don't stay working till 9PM, you are FIRED.
@@michaelngan99 China made it illegal. Good: Now Chinese get to live more normal than before. Much more required but is 1st step
@@evrenunal3644 It was "Kenan Billing". The founder was Professor Kenan Sahin. A Professor at MIT:
en.wikipedia.org/wiki/Kenan_Sahin
I like the bit about moving from 'high-speed growth' to 'high-quality growth'. Every nation needs to shift from a never-ending growth mindset to one that focuses on growth in the right places i.e. for human prosperity. Focus on improving critical factors like healthcare, education, and well-being of people. Arbitrary metrics like GDP do not correspond to the economic growth of everyone, but rather the rich. Growth for the sake of growth is the biggest scam that the Planet faces.
nice
Nah, the biggest scam on the planet is real estate.
So right! Growth model will not last
I very much like your comment. The belief that "progress" is defined by GNP to me is false. It negates the fact that the goal of any society should be the happiness or all people in the society especially those that are suffering the most at the bottom of the society. This is the real measure of the greatness of a country or society. GHL (Gross happiness level) is a much better measure of a society's greatness and in America our GHL has been declining for decades well before coronavirus and is continuing to decline..
The tech companies targeted became less focused on improving the lives of people, but rather increasingly amassing wealth at all costs in ruthless and illegal ways. They ought to crack down on and curtail those illegal practices.
I work 1 1/2 jobs in the US. I would like a crackdown here, too, where managers don't make millions while their employees are worked to death.
Why do you live a life style where you need to do that?
Still happens in china anyways... So don't pretend this improves worker rights in china lol
czcams.com/video/l8wWoQ3_F00/video.html&
@@GreenBlueWalkthrough what kind of question is that, in poorer countries like the US not everyone can feed their families without working themselves to death
true
entire world is so stressed
everyone is tired
@@GreenBlueWalkthrough Systemic issues are not personal choice. Trying to conflate the two is dishonest.
It’s really refreshing to see a balanced and factual report on China for once! Good job!
You watched those anti china youtubers everything china is bad😀
@@88billion Just unfortunate that 80% of critical content related to China is either complete hatred for China or CCP propoganda...
Hogan000, you watched those anti america youtubers everything America is bad.😂
@@jokh9992 they’re not wrong lol
@@88billion This video literally paints China as a corrupt hellhole
I've heard some Chinese calling this as "trimming the garden", its painful but hopefully the garden will flourish better and not turn into a jungle
As a Chinese engineer in a tech company, I agree with your opinions that the internet industry soaked up too much resource.
The most paid jobs before 2020 in China were usually tech-related, like programmers and App UI designer. This means thousands of talented people would abandon their dreams for such a job.
It even creates a new word called 转码 (Zhuan Ma), which means "turning into a coder". The crackdown did work as our companies laid off most of the programmers that didn't come from Computer Science background, but this also punched the economy in the guts. The Hangzhou local government even reportedly told Alibaba to control the scale of layoffs for economic safety.
@@onealmorgen2987 👍
@@onealmorgen2987
'Physical exhibition' has a troublesome context in English and some European languages.
Interesting to read your perspective. Thank you for commenting.
As an American entrepreneur, I guess that youth in China are seeking a path to happiness, and wherever they look they are boldly told 'NO.' So they settle for chasing personal security and prosperity regardless of what they truly desire. The culture being created by drastic policy change & enforcement is what's creating this 'laying flat' culture, which exists even in America to some degree. Look up the latin phrase _libido dominande_ , it's from the writings of St. Augustine .
@@HuntingTarg Totally agree. Since China's policies and international environment are unstable, most young people don't feel secure enough to pursue their dreams. China does not have bankruptcy for individuals, which means you will be forever in debt if you are unfortunately caught in a financial crisis with mortgages. It also doesn't help that most parents suffer from such instability, as they lost their jobs when China turned away from a planned economy. With so much pressure from different sources(parents, society, international trading conflicts, etc.), 'lying flat' / moving with the tide is the only safe option.
if Guan Yu is the god of war, who is the god of coding?
As someone who worked in the "After-School Education" industry in China while the policies were pushed to crush it, I was lucky enough to be in a company that found a loophole in the system. A huge market in after-school education is English (both as ESL or EFL), and my company found that they did not break any rules if we just changed the subject of the lessons from English to just about any other subject (but taught in English). I have since swapped out from after-school education to a more traditional structure in a private school (still in China). But even private schools get occasional inspections to ensure they are following some criteria I am currently not fully aware of.
Thank you for this information.
Now this is a classic loophole backfire of a top-down policy! Beautiful in its elegance
My wife worked for one in China. They just moved their "headquarters" out of China and offer the exact same tuition services. The office still operates in China and the company makes a healthy profit.
US corporations: "We own the US!"
US government: "Of course, sir! Can I get you another tax cut?"
Chinese corporations: "We own China!"
Chinese government: "Oh really? We'll just see about that!"
A neutral coverage of China on CZcams? What a gem.
The Chinese population on CZcams? Wont happen....
@Zack Smith yes agreed taiwan number 1
@Zack Smith Yes beijing part of taiwan
@Zack Smith "in the past" noted and agreed
@Zack Smith and so again in the past not in the present and future, agreed.
This is a great insight into the reasons behind these actions. Although they may seem extreme, it seems that the Chinese government wants to fix many problems that have gone too far, before they get to the point where they cannot be fixed... It is, perhaps, not a bad thing to slow things down so that the direction the country is taking can be steered towards ensuring that wealth and growth are more evenly spread throughout society. Very few governments actually take a keen interest in ensuring that everyone is getting the benefits of growth and prosperity and not just large corporations and wealthy tycoons. Thank you for giving us this viewpoint and understanding.
However,the shift is just so rapid that people are now suffering great pressure in the labor market. A lot of fresh graduates are not getting a job after they graduate from universities. It gets even worse when government is enforcing pandemic lockdown, deteriorating the financial conditions of the citizens.
You don’t understand a communist totalitarian government.
@@stefanwong- I think it'll be short termed. They are experimenting with relaxed pandemic restrictions already so I think by next year things will get better.
Canada kind of went through a similar thing earlier this year, before the people got fed up and they had to pivot
@@sephypantsu You are sooooo wrong! They are not losing the restrictions, instead, they are imposing more stringent ones. Take a look at what happens in China this week! More and more protests and riots are happening all over the nation. Yesterday, over 10 people are killed from a fire because the doors of their homes are locked up with chains by the local government for so-called pandemic prevention measures. A few days ago, the biggest iPhone manufacture plant also burst into riots because of pandemic prevention. People are all crying for justice.
@@stefanwong- hasn't that been happening for months since the Shanghai lockdown?
China didn't want their tech companies to have the power that companies like Facebook have, which is a platform that can heavily influence people, good or bad (such as the previous 2 elections). It's the reason why the supreme court has been grinding on all big tech companies recently, the only problem being that these companies had already become way too powerful for the US government to change dramatically, plus the US isn't like China where you can just take someone to the back room and teach them a lesson so these companies with the right lawyer can get away with a lot of things. Companies in China would likely face military force if they're too cunning, just look at Jack Ma.
Commerce ranked 4th on the scale of importance in China.
Big businesses are forbidden to influence government official in anyway. They don't have any power over the government.
LOL if you don't understand what the last elections were for
@@misterhill5598 People often forget that China is a communist country where power should be in the hands of the workers and have a dream where people only have to work 32 hours a week and still hear the minimum effort. CCP has tolerated the bourgeoisie for 40 years And what they are doing now is insulting the CCP
@@carkawalakhatulistiwa
1. People don't forget China is a socialist/communist country. They forget China is not defined by socialism or communism. It just happens to be the most suitable model for China rejuvenation. China did try other models such as democracy and capitalism, both were the wrong fit.
2. It's not CCP, it's CPC.
@@misterhill5598 it’s CCP
What China was doing was portrayed very poorly in most outlets. This is the first time I've heard the reasons behind what they were doing and, in all honesty, I now agree entirely with with what they were doing.
I think corporations in America fear what governments can do to them, like China is doing when corporations are taking advantage and abuse the public. They purposefully use their establishment media to twist the facts to fit their narrative and demonize China, so the people of the US won't get ideas to resist big corporations and demand corporations to respect and serve customers/consumers instead of vice versa. Now consumers are too busy to demand corporations to cancel and ban other consumers...
That's because they're doing it on purpose. Everytimes when there's a good news happening in China, they either not report it or twist the story.
The USA has decided it to be portrayed so and that's all we'll hear from now on. Even the existence of China has started to be portrayed negatively
it's western propaganda in every possible way...from china's debt trap to uyhur genocide..to chinese government taking down rich people like Jack Ma...
western brainwashing is beyond limit.. in china we normally have a objective view of what's going on in china and the world.. most westerners know china through colored lens...i can gurantee your news about china is 99% of the time false.
I don't know if I like being a contrarian or what... while what CCP doing is not as bad as most western media shows. It is also has a lot of problems. For complex issues like this, I think we should always have an question mark/uncertainty in the back of our head, instead of simply remember whether those polices are good or bad. (for instance, not just "good" or "bad"... but "good (or bad) with huge uncertainty" ).
China between 70s and 2000s learned that huge government invention in the economy is often worse than small invention or no intervention, because the economy is too complicated to be micromanaged. When a policy crash 60-100% of an industry (like after school education industry) over night, it is typically not a good policy.
Also even if the authoritarian tendency of controlling everything and crushing everything against the party, happen to give good result in this specific case, it is still very inconsistent in providing well being to its citizens. Such authoritarian tendency can easily become harmful to its citizens.
China to crack down the after school education industry is not just for reducing student pressure. It’s to reduce the unfairness of overall education. Rich people can spend more so the teachers get more pay to serve the riches in the after school education and they won’t teach everything in the normal classes but ask students to pay more and learn in the after school classes. In the long run some talented students from normal families won’t get chances compared to the average students from rich families. And the younger generation will be layered by wealth.
@Ye ZHou Very well said and that is why I support the CPC move on cracking down on these education companies and private tutors!
China also need to pay their teachers better so that teachers won't have to resort to after-school hours 'tutoring'.
In many way, tech companies (and other large corporations) rule the US state directly. It's not the same in China, where having capital =/= having political power. It's an entirely different political system, and they follow a long term plan. We can't forget that actions and tactics reflect an overall strategy. Knowing the political strategy (read a 5 year plan, for example) helps understand why all of that happens.
Actually they normally let them do what they want in China until they talk against the govt then they get crushed.
i mostly agree except having capital is what gives corporations power. Here in the US corporations spend billions in lobbying to control the government.
Politics is pay to play.... this absolutely is still true in the CCP
@@emartinez1320 how do you think they lobby?
Don't give a political party with no competition like the CCP too much credit for their wisdom. Much like the Soviet Union, behind the mighty and mysterious façade is a lot of dysfunction, corruption and incompetence behind the scene. When their economic model doesn't work anymore, suddenly the cracks expand at a crazy speed bringing the whole vertical structure down. And everyone will be like "well shit that was unexpected"
Disorderly expansion of capital basically describes the entire US economy. I think focusing on core technologies and becoming the world leader in those is a brilliant move. How many apps do you need to get a date or deliver food?
You can't force water into a space that doesn't exist. Just like a bacterial colony Innovative Centers like Silicon Valley literally Poison future innovation through their own Shit and Waste. You don't force Innovation in Core Technologies. You create giant Educational Systems like the UC System in California. And perhaps extra federal funding for sciences we want to strive.
That's what following Marx does to a government. "The anarchy of production".
i can't agree more with you
'3 replies', CZcams? Why do I only see 2? "?#censorship
Anyways...
The US economy is asymmetrically regulated, often based on politics and PR. There is rapid expansion in crazy things like dating apps and food delivery, because regulations on other more risk- or capital-intensive sectors (that would expand or develop quickly with less or better rules) scares away the opportunistic capital looking only at ROI on a quarterly, or often at best an annual, basis, and not long-term growth.
"I'm the most successful investor because I spread my calipers wider than anyone else."
-Warren Buffett
@@serikazero128 pretty sure they remove comment that has link on it as well
You know, watching this makes me far more supportive of the country's crackdown. Jack Ma's disappearance was framed solely as him disagreeing with the Chinese government's economic policies. Nobody talked about the crappy monopolistic practices that the Supreme Court let tech giants get away with.
framed? He deserves it, if you know what his plan was.
You have no idea how much the western media love to twist the story in China. the Chinese goverment actually is not as bad as they portrait
Your social credit score has improved.
@@JulkerReviews Salty that EU finally crack down on your monopoly Tim Apple?
no need to talk for capitalists
Thanks for saying all the names of the companies and cities properly. Great job.
I'm not the biggest fan of China...and I love video games...but 90% of what China did to the tech space recently is a very positive development, in my opinion.
Yes, I'm supportive of the policies but not of the origin. I can start to see why Chinese people support their government if their government can oppose this corruption.
Apart from the facial recognition stuff of course, that's creepy beyond words.
@@chuzzbot yeah, it's like admitting to the people that they don't trust them, which I understand they want to crack down on corruption.
@@chuzzbot Your phone and some apps won't do it lmao
@@krunkle5136 CCP cracking down on corruption is like the pot calling the kettle black. Corruption is the name of the game in China.
Wow dude. This was 10/10. Detailed research and legit political analysis. I didn’t remembered your channel was this good! Going to keep an eye on future vids.
This channel has always been this good, that said - this installment is next level awesome, for sure.
This may look like 10/10 for non-Chinese, but this video just scratched the surface, lacking a few key elements causing all of this. For a CZcams video this size, it makes a 6/10 summary to me. You can trust this video to gain some basic idea of the whole picture, but he does not understand the bigger picture and all the strange behavior the government does, as his title claims to be.
Not just 7 pillars were targeted for crack down. There were many others. For example, housing development where most developers, previously considered "too big to fail" were wiped out practically overnight.
Very well-informed and unbiased analysis. Good stuff!
Isn't "lying flat" basically the same thing as our "quiet quitting"? I think the working class is just waking up to see their exploitation essentially globally
Actually similar but different in its core.
Lying flat doesn't mean you quit your job. But you are not trying to do extra things to being promoted.
@@paulskiye6930 that's literally quiet quitting lol
A surprisingly nuanced and non slandering take on an issue about China. You have earned a sub.
The video games part about delays for 1+ year and mandated government SDK on games are spot on, that is why Tencent is now rapidly invensting and now want to buy developers outside of china to offset the mess their chinese main part is feeling.
Mihoyo (maker of Genshin Impact) basically make a singaporean branch called cognosphere to get away from pressure from china to a certain degree.
hoyoverse is a shell for them to expand oversea. i dont think the crackdown is the reason
shanghai gov is actually highly supportive of mihoyo as it is actually one of the very few tech company originate from shanghai
@@xky8124 i hope so, but foreign games going into china? Kiss that idea bye bye for now according to an indir publisher, even the local games are playing the waiting list
@@hoshi314 depends on the type of game, if single person, go on stream
It's a grey area as all stream games are available but not licensed
On the other hand, non platform games, especially multi person with micro transactions are not so lucky rn. Riot have try hard with tencent to publish virolant in China but still no. It would be a huge loss to riot if they can't get Chinese market, especially eSports market with virolant when lol run out of steam, riot will lose more than half of their current value
They know the crackdown is coming, they also open branches in Montreal and I got sought by their HR lol
Sorry as a Chinese I hate both of their games.
Great video, thanks for sharing your thoughts on the topic.
This is why ''China is a capitalist country just like USA'' is not true.. In China, the government still have strong grip on private companies. As said on the video, 25 tutoring companies got bankrupted and massive companies like Alibaba lost stock value. Imagine Amazon under the same circumstance. This kind of crackdown would never happen in USA, even a simple popular GDPR law like the one EU is not even talked about in US Congress.
Because USA believes in small government, less regulation.
USA expects people to decide what is good.
People should vote with their wallet instead of expecting government to help us with everything.
@@gund89123 and USA failed to control convid....that prove" small government" Have shortcomings
The government has the strongest strength. If the government decides to help the people, the effect will be the best. The United States has given up letting the government help the people, which means that it has given up its greatest power to help the people.. If China does not give up, China will make faster progress and eventually surpass the United States
@@gund89123 which is why China is better. Their government actually bothers to fix things while the US government is lazy and doesn't do much to help their people. Democracy doesn't work as well as you dream it to.
China absolutely has a capitalist economy. Industry is still in private hands, and while the state has shares in many companies they still more often than not operate with extreme latitude. The Chinese state remains the master in this relationship (unlike what you’ll find in the US) but even when the state uses its weight its reforms are not to be mistaken as socialistic. At best they’re the sort of reforms that can be seen in plenty of liberal democracies in which labor may be thrown a bone but the primary objectives are keeping industry sharper and suppressing worker agitation. Even China’s own state owned industries operate in ways that would make your average American middle manager blush. China does not have a laissez-faire capitalist economy, but in effect it really isn’t all that different from western relationships between state and capital.
USA is an oligarchy.
Honestly that could be good for the chinese people, I hope their lives continue to improve
czcams.com/users/WalkEast
I was mindblown watching these videos from China. I had no clue.
Kind of hard when they been under lockdown for 3 years they controlling the sheep.
@@daniel_960_ though i was gonna be rickrolled 😂
@Trevor Trevose you can clearly read the link lol
unless you're an Uyghur
I personally agree with every single one of the measures the CCP took to limit the power and capacity for abuse of those tec giants.
There's other policies that have been implemented recently in China that I'm a bit more worried about, but the ones you just talked about? I wish the entire world would do the same.
there were good points mentioned, but others, like limit playing hours and bringing in facial recognition for underaged users?
@@netwesker8955realistically this isn’t anything new since the government/ companies probably already does this with social media apps etc
@@netwesker8955the problem westerners have while looking at China is the implicit but often overlooked assumption that chinese society and social relationships are the same as in the west.
Domestic policies of the Chinese government is authoritarian if you think of them like a western bureaucracy.
But traditionally Chinese government since the imperial days, have always been more like paternalistic strict parents.
It makes more sense if you think of them in that lense.
Communist Party of China, CPC
@@GIN.356.Anailed it
Jack Ma learned quickly that he's not the one who runs things in China
He forgot that he is just a fancy pleasant.
and thats good, goverment and people of country should be the ones who run it. look at usa where zukenberg, bezos, musk have more power and influence in country than most governement parts.
@@NostalgicMem0ries The average American trusts Bezos more than any politician
@@stpedro-ht9ng probably truth
Based on information on this video alone, the changes seem to take China to better direction.
You know nothing! No one want to follow those kind of people
Where are the results ?
8:35 In the Mainland China stock market, an upmarket is represented by the color red, whereas a downmarket is represented by the color green.
I have a LOT of issues with China but their crackdown on the tech giants is 100% warranted. The one line from the video about 'disorderly growth of capital, focusing on a million new ways to deliver food, etc' is exactly how I feel about US tech right now. We're wasting a generation of our most brilliant people on shit like pet sitting apps, video games, etc instead of real problems that need to be solved.
yes especially seeing the while ust and ftx scam bust and Jack ma going on about not having any regulations on his Alipay bank. thank duking god, china stop that or an FTX situation with Alipay and people losing their money
As a matter of fact, most of your issues with China are just bias from Western media.
@@jimzeus7761 That's not true. I lived in Korea for a long time, worked in the tech industry and got to see China's effects on it's neighbors. So yeah I still have a lot of issues with China that have nothing to do with Western Media. You need to do some traveling and living bud.
@@futureshocked I used to work in S.Korea too, and of course some other countries in Asia and Europe.
Maybe you should do some more travelling and living.
@@jimzeus7761 Alright, apologies for the spiciness
Wow! This is really high quality content and production! Thank you for sharing
Honestly say what you want to say about the CCP , I respect them for this decision....
The CPC is doing pretty good with their policies. I’m hoping to go to China soon.
@阿孚 Taiwan 🇹🇼 is a free, democratic, rich and independent country and has been around for over 100 years and has never been under the control of the CCP. Not even once.
@阿孚 Taiwan has not been under the control of mainland China for over 75 years and they use a different writing system than the mainland
@阿孚 oh yeah sorry you’re right, Taiwan owns China, I forget, there is only one China, and that is Taiwan 🇹🇼, your “China” is a fake government lis made up by CCP when in fact it’s just an occupied region of Taiwan 🇹🇼.
@@Doughsz Taiwan is just another China. Back then you guys called yourself nationalist china while the other is communist china.
EU, China, and US together could really do something about these giant corporations. Break them apart. Push them to be more pro- consumer less pro-greed.
US regulators protecting their constituents as much as the EU alone would be huge because those are the world’s biggest markets. I envy Europe’s governments.
No chance of this as giant corporations ARE the US government.
The chances of US carrying out any effective steps are slim. The big Corps there are really big.
Who owns the politician they basically have them in there front pockets
However they are not working together….😂
That's a very wise move on their part...instead of the Corporations controlling the government.( Ie. Google, PFizer, Raytheon, Boeing etc)....which represent the people's power...its the Government that controls the corporations....the way it should be.
Right. Because communism and excessive government intervention has always led to great results and has never been abused. Completely agree.
State run companies are extremely inefficient and have a track record of low innovation
Bullshit. I take the point that companies can indeed can be an oppressor. But saying the Government is the people's power is wilfully blind. The people's power is their own agency. Which is curtailed by the government, hopefully in a way which only stops them using that agency to harm that of others.
@@Meinan4370 不一定，中国的高铁确实连年亏损，中国的地铁，公交系统也是如此，但是国家企业没有为了盈利而提高售票价格，最终获利的仍然是人民。你不要忘记，国企是为人民服务的，并不是为盈利服务的，国企利润仍然属于所有人民，而不是私人财团。
Very well done reporting. Detail and most importantly, fair reporting surfacing the facts rather than sensationalization to get eyeball. Great work 👏👏👏👍.
China's growth dropped by a few % in the last few years, but this drop came along with massive reforms. It's not like things broke apart due to chaos. They intentionally and brutally efficiently imposed advanced laws that will defiantly be super hard to fulfill, but long-term successful achievements that will pay off.
Literally the 1st long term thinker I have seen on CZcams for a long while lol Shame its from a commenter instead of ppl actually making popular videos, the west is so lack in long term strategic thinkers nowadays, once the last remnant of generational strategists like Kissinger die there will be nothing but bandwagon wishful thinking echo chambers in western media landscape.
@@TheRealIronMan Tnx, really appreciate your feedback!
only a serb or hungarian could have written such a false stament and twist the facts to fit the imposed narrative :) "successful achievements"? :))) thanx for the good laugh!
@@strigoiu13 China has risen to the greatest superpower of all time, in only several decades, faster and bigger than all superpowers in history combined. Something to admire as a hysterical phenomenon and achievement of humanity.
@@strigoiu13 bros from the Balkans 💀 💀
As economy and society developed, it’s necessary for laws to keep up and continue to improve and safeguard the lives of citizens.
Yes like stopping your citizens from accessing any information that isn’t approved by the state ?
@@ni9274 Yes. What’s the value of cult publications or foreign propaganda?
@@Peichen01Wisdom and competition. Natural psychology. The forbidden are always attractive and too much effort money and friction will be used to plug the dam. Eventually, you will be stuck in the island of yes-men and seeing enemy everywhere. Worst because every ideology have flaws, your citizen will be oversaturized with yours. Sooner or later, they either rebel or basically gave up.
Outside perspective provide competition allowing you to drag your opponent to your level your method.
@@wiritpollapcharoenporn3168 So which country is on a witch hunt for CCP spy and sees every Chinese and Chinese company as tentacle of CCP?
These great content aside, why does it feel so comfortable watching your videos! Enjoying it alot man!
I remember uninstalling the 360 app from my friend's laptop. it's a nightmare, the app itself isn't really an antivirus, it does nothing than popup ads. the uninstall dialog only in mandarin and every button almost lead to cancel the uninstallation process (dark pattern)
I love how you did the intro. I thought the video already started.
The crack down on for profit education is to prevent social economic classes from becoming permanent. Education is one of the main ways one can transcend social economic class. But if richer families have a permanent leg up by able to afford expensive after school programs, classes become entrenched, which is what has happened in the US/Japan.
Also it affect kids mental health given the chinese mindset. Still ppl may find way to stuff kids with more after school studies.
Government want to have their vision fulfill
@@789know as much as cramming isn't too great, society being centered around education as a road to a better job is a great mindset.
Cracking down on people trying to earn a living by passing on their valuable skills to others is a terrible idea, and hits much more than just after school tutors.
Look at South Korea,bits even more insane.
It won't really stop the rich families from hiring private 1-on-1 tutors secretly. I think this policy mainly aims to stop "an inflation of out-of-school tutoring". The more everyone takes extra tutoring, the more everyone needs to take these tutoring. It's just spiraling out of control, and people are in essence wasting their money since almost everyone takes such extra tutoring classes == no one takes these extra classes, and their money is just all wasted. As long as most families stop sending their kids to these tutoring schools, their money can be saved for something else, potentially boosting other sectors of the economy, and the majority of the kids will have less pressure from competitions that don't really improve their academic performance.
A pretty fair, comprehensive analysis for the tech crackdowns.
I'm a Chinese speaker, and your video is very inspiring. Thanks. Here's my comment. (Partially translated by google)
The "market economy" has its bright side, but it also creates a growing divide between the rich and the poor, as well as ever-higher debt. China may want to step back a bit towards a planned economy in order to achieve "common prosperity", but the disadvantage is this may affect the overall economy amount.
Until the next technological revolution comes, I don't think there is a best way to choose. As long as the choice didn't afffect social stability too much, I think it's still acceptable to me.
I think common prosperity is privately funded stimulus. Eventually, if the goal of lifting more people up and aid economic expansion is realized, the companies funded it will also benefit in terms of more consumers who can afford the company's products and services. Govt need to intervene when they observe things are disorderly to impact or decimate the vulnerable. Even the US resorted to QE to ride out of 2008 financial crisis brought about because of pure market driven philosophy. The rich elites got bailed out by the US government at the cost of average person on the street many of whom lost jobs and homes. Managed & planned pain is better than the US model of reckless market economy. Also, Chinese model seems have not stifled innovation either, given the sanctions US is applying on China because they dont want Chinese to outgrow the US capabilities
@@sriramanvelayudhan230
1. China and the US, like most of the world, each run on a _fiat_ money system. Monetary inflation is a common problem in both economies, and both are getting hit hard by it.
2. China is running into the same basic issue that the US has; a Pareto distribution of wealth. This is a natural consequence of open markets. I do not see it as an inherently bad thing, largely because command of larger amounts of capital can do good as well as bad, both in the marketplace and in philanthropy.
Marketplace example: Elon Musk, both with his successes in engineering enterprises, and his purchase and promise to 'clean up' Twitter (he's getting back to his roots as a coder there).
Philanthropy example: Andrew Carnegie. Many hundreds of libraries, schools and school facilities, auditoriums, performing halls, and conservatories bear his name across the U.S., including the famous Carnegie Hall. He was a coldly ruthless businessman, yet after his victories loosed his wealth to improve the cultural infrastructure of his native country. That doesn't make him a good-hearted person. It does mean that free and open markets, over the long term, do work for everyone.
@@sriramanvelayudhan230
In my own perspective, sanctions on China are the right thing for the wrong reason with the wrong timing. China is one of the worst human rights violators in the world, yet they sit on the U.N. Human Rights Council.
Don't believe me? What about their "zero C0VID" policy, for starters?
There is no country in this world that is fully free market or fully planned market. In some aspect you could see US is even more “socialistic” than China
I feel that common prosperity is achieved through better education. The pre-college education in the US really isn't up to par (look at global education rankings) while the Chinese pre-college education is a bit too harsh - Chinese students often "give-up" after they get into university. The advantage the Chinese have is a culture that emphasizes education. Giving a homeless man an extra dollar means nothing if you can't give the homeless man an education.
I think the real reason they cracked down on Jack Ma is that they didn't want a space alien telling them what to do.
This is mean. Imagine if he read this comment, he would be so upset.
@@samwiseknows you think he uses youtube 😂😂😂pretty sure its banned in china
@@trevortrevose9124 Hi there, I'm commenting directly from China, LOL
@@gonzalos4379 what kinda Chinese guy is named Gonzalo
@@ashercoronel4925 an Expat...
I used to teach part-time at VIPkid and a lot of teachers I know lost access to their students and sources of income overnight. The parents ended up setting up Facebook groups to try and find their children's teachers for private tutoring, but because the kids usually have pseudonyms it was really difficult . That said, the strain on Chinese children is intense so I'm not totally against scaling it back, I just don't know if it was the best way to do it. I think unilaterally ruining their domestic edtech companies the way they did was insane, their technology was advanced and could have ended up being exported.
Because these edtech companies created a lot of unnecessary education demands to suck money, which increased the living costs of every family in China. All the subjects were and are taught in the schools, not in the institution. Chinese government doesn’t want this kind of profit-driven companies to keep their businesses in China. Only non-profit institutions are allowed to teach subjects which are taught in schools.
I think it's more a symptom of the people running things. Smarter leadership is necessary but from what I see and hear about what's going on in the country, the current lot aren't very smart.
Totally agree. My friend in Shanghai lost her English center due to the sudden change.
i think it was also about the CCP asserting absolute control over childrens education (brainwashing). Xi Jinping is closing off china and doesnt want chinese people exposed to alternative ideas and the wider world
Totally. This looks like a very risky gamble like the Covid lockdown, 1-Child policy, Cultural Revolution, Great Leap Forward, Thousand cuts torture/executions, Wholesale Family executions, Book burning, Burying scholars, Mass genocide, etc. to change/control the society.
Luckily/Unluckily for those who took the effort to understand war, power & nature from works like Sun Wu's Art of War, Karl Marx's Modes of Production & Richard Feynman's Meaning of Everything, s/he will realise there exist many who are seeking profits from these conflicts. This may explain why many elites/experts from states like US, China, EU, India, UK, Russia, AU, Brazil, etc. groups like IMF, WHO, UNP, RSF, ICC, WFP, TSB, POG, etc. & firms like Apple, Tencent, Samsung, Nestle, L'Oreal, Prosus, Tata, Linde, Sony, Gazprom, Siemens, etc. are already making their moves in the shadow space-time.
Enjoying every episode! Thank you!
Thanx. I was wondered about all those
Good on them for lowering education pressure and working hours. They severely needed it.
Education pressure is still there, but now instead of learning something possibly useful (like a foreign language), they need to study ccp propaganda.
Hope they don't let education slip from their fingers. "It's too hard, I'll just read the summary and that'll be enough".
@@tamask2172 The crackdown was on after-school programs, which simply re-teach whatever the curriculum is. It has nothing to do with the school curriculum.
Well, when you use slave labor you don't need to worry about education levels.
@@ArawnOfAnnwn After school curriculum was the advertised target (much of which are English classes btw), but the very same time language education was also gutted and replaced by doctrine.
I am subscribed to Nebula for a long time but kind of... as much as I love it's idea, I never go there to watch things, it is hard to discover new and interesting things and figure out what is available.
Just look at it as a way for these great channels to continue providing free content. Just an ad...
I’ve had a growing interest in Nebula but Jet Lag’s cliffhanger tactics convinced me to pull the trigger. Excited to have some free time soon to explore.
This video is extremely precise. Kudos!
can we get a crack down here too? Rich people have it way too easy
They worked hard to earn that money.
You are free to get rich too no one is stopping you from getting rich.
@@gund89123 no .They get rich not only through their minds, but also by taking advantage of the environment established by workers and society. But they took away almost all the wealth they gained. This is obviously very unreasonable. unfair. This is the state in which capitalists exploit workers. No matter how smart you are, or how talented your mind is in business, you can't do all this by yourself. You need the society and people to complete with you, but you have taken most of the wealth. Don't say the law is right.
@@gund89123 no they didn't, the people peeing in bottles while working at amazon work hard. Meanwhile jeff won't take a meeting before 10! You see that and you like that? I hope you're already rich otherwise you just like being exploited
@@gund89123 Yes, they did work hard to earn that money in the beginning. And now they’re paying their workers the bare minimum which isn’t even liveable. The rich should pay more taxes because they can afford it. They should also be paying their workers more. The rich are greedy. No one needs billions of dollars. They won’t even spend it all in their lifetime. Capitalism doesn’t work for everyone, period. And saying that poor people can just “get rich” is quite ignorant and shows just how little you actually know about Capitalism and what goes on within all of that.
This videos makes a point to me that for all the external criticisms of the CCP and Chinese government in their own unique way they care for their citizens. The ethics of this system might be questionable for those of us with western sensibilities, but western democracy is not for everyone. For the government to be willing to wipe out out trillions to curtail the excesses of "problematic industries" is in stark contrast to the Too Big to fail ideas prevalent in western economies.
If they care for their citizens then they should let citizens talk freely, and let them own a piece of land.
@@gund89123 if talk freely then may cause "Color Revolution”，We all know that is not a good thing, because almost every country with color revolution has become a failed country. Look at Ukraine
own a piece of land ?
It means the free sale of land. China's thousands of years of history shows that this will only lead to the continuous annexation of land, which will eventually lead to more and more land for big landlords, and a large number of poor people have no land.. Finally, it triggered peasant uprising and national civil war. Why do Chinese dynasties generally last only 300 years? Because 300 years is probably the time when a large number of people have no land and have to revolt violently. The state owns land, which ensures that everyone can get reasonable land, and land annexation will not occur, thus leading to a large number of people without land. It also ensures the smooth construction of important infrastructure, such as highways and high-speed railways
so i think CCP will rule china over 300 years. because CCP fix the problem of Land annexation
The CCP does this only for themselves, not for the citizens…
"They care for their citizens"
Hahaha no. They care for their SLAVES, in the same way a man is careful about the tools in their shed. Citizens are property of the State, and are treated as such.
@@gund89123 Citizens do talk freely, and public policy debates are openly encouraged by the government. Chinese citizens just don't waste time dissing their government like what the US citizens love doing.
Wow. Just wow. I'm in awe at the sweeping hand of the Chinese Gov. From a US/Western point of view I admit, I'm a little jealous. This kind of move seems impossible politically in the US, even though we need it so much. Tech companies are basically predators in the US with so much unchecked power and monopolistic behavior.
Don’t be jealous, be thankful in fact that you don’t live in an autocratic state where the government can take away everything in mere seconds if you make one wrong move. A government having sweeping power over everything is never good
While better anti-trust regulation is needed in the tech sector, I don’t think our government being able to eradicate entire sectors of commerce overnight is a thing to aspire to. While I think our government can be sluggish it’s better than complete control over every aspect of our lives.
@@mrhoneycutter true
@@Doughsz its not always a bad thing. if China didn't have unchecked power over the private sector they wouldn't have been able to stop evergrande from destroying their economy. They can play by their own rules, use every single weapon they have to keep the economy going, and tell the free makert to fuck themselvs. overall its a bad thing, but you gotta admit it has its perks
@@Doughsz Where did you hear that? From the BBC?
Good. Hopefully this news reaches all corners of the US especially during this time of distrust towards corporations and big tech
Fantastic video. I did my own (written) piece on all this in the beginning of it. Incredible to see a summary + some kind of ending to it.
Chinese tv brand are selling wall mount separately and charging more extra for it also if you don't use there wall mount then warranty would void....
No one will know.
no VESA? idk if you can lobby your local official, but maybe remind them about standardisation and/or cooperation.
Good practice. 80% of people already have a compatible wall mount.
Well done, thanks for the context, all that seems rather good after all.. :)
This was insightful. Thank you!
This was a well presented and well informed video. You've earned a like.
I have bee wondering why it feels like Jack Ma suddenly disappeared, and now I know that he actually did lol.
This is the simplest and most to the point explanation I have seen.
And from a westerner nonetheless, is IMPRESSIVE.
Best explanation video I seen about the crackdown.
Interesting priorities, and pretty good intentions behind them. I'll be happy if they do some good, maybe shake things up here in the us through spillover
Thanks for your fantastic work!
They don’t want China to become like Japan or Korea, not sure if it will work, but they will try.
Actually South Korea had also banned private tutoring many years back
@@zhappy yes, but there are always around the regulation.
For example: having lessons in car, while being driven around the city
@@zhappy yep
@@paulskiye6930 of course, you can just hire a private home tutor, who is gonna know?
impartial and informative content... hard to find such material about china in western media... keep up the good work
You’re not supposed to be impartial on dictators…that’s like being impartial on Nazi Germany you’re not supposed to be like that
@@Doughsz that's your opinion. How do you no the Chinese are nazis or dictators have you lived in china. Who the hell are you to tell us " what we are supposed to be " looks like you are the dictator want to be egomaniac.. get a life mate
@@rajindakodikara3471 the ccp puts 2 million miniorities in concertation camps and it has killed it own citizens and it uses rape as a form of toture, why are defending the ccp so much? As an Indian, they claim our lands and they claim the lands of Bhutan, Vietnam, all of Taiwan, the Philipines, Japan, and they occupy Tibet and West Turkestan (along with Inner Mongolia). And then you use deflection againist me and you call me a dictator...? lol what im just some random guy bruh what
Perhaps the mega companies had become too powerful to control. The Chinese Government would have seen the example in Russia, how the massive privately-owned corporations that sprung up post-Soviet era, wielded too much power and were beyond law or government control.
Very good and well thought through video. I'm not a business person but studied Chinese history at university and have always found it a hard country to deeply understand. Thanks for providing this analysis. It remains to be seen how these rather extreme actions, which like you said, would normally have been taken over many years, end up affecting the country and its business and society. The privacy regulations are really a surprise, but of course the government is excepted.
You need to be neutral to see the actual picture prejudice is not good, You can say they took those actions because they can, they don't fear losing votes. what can't break you makes you stronger, so you can say those actions will bear fruit in the long run, It looks like the Chinese learn from other countries' mistakes first than their own,
Instead to study china and chinese culture u need to visit and stay there awhile or listen to these shits ytubers spesialisti china edition.
Not deep at all when you look at it sideways, the government body has been doing the same thing for the past 1500ish years, whenever there was/will be only ONE, not multiple in times of fracture; CCP policies are no different from imperial edicts from the first emperor and the ones that followed him. P.S there are two governments rn claiming legitimacy in case you are not aware, that's why both sides are butthurt as hell.
事实上，作为一名中国人，在中国大学学习自己历史时，都会让人感到精神分裂
One good way to sort of understand China and some of its policy is to look at the single most influential cause of downfall of a dynasty throughout it's history, the peasant rebellion.
They didn't really destroyed anything.
Just watch this movie an think, anything they did is bad for the people? They just limited the power these big companies had AND wanted to use to abuse the market.
I don't think this is bad at all.
我认为techAltar讲到的这部分政策基本上是与事实相符合的，所以我决定订阅并持续关注后续的信息。
I hope, India also does the same for after-school education for kids below 14. It's putting the burden on both the parents (Financially) and kids (Mentally).
techaltar's quality never fails to disappoint. :) i was wondering why chinese tech companies seem to be less prevalent in the 2020s compared to the 2010s but this explains a lot!
Overall this is pretty good! Some parts I am not a fan of, like how in same ways this is an obvious power grab. With that said, I'll always trust a government more than a for profit corporation, even if I trust neither.
Also the fact China has better Internet privacy laws than the US is absolutely hilarious, a sweet nectar of the finest irony.
Trust neither. Trust only in God
@@warrenjoseph76 Trust me, that's already what I do
Laws aren't what matter though, what matters are institutions and enforcement. China may well have more comprehensive laws but if they are only used as a bludgeon by the government to punish or suppress people and opinions they don't like, then what use are they to the people? And it's common knowledge at this point that China's security apparatus is pretty much as Orwellian as it gets in the modern world. Constant tracking, security cams all over the place, facial recognition tech, etc. I don't even inherently disagree with better social cohesion and a more communal, less individualistic approach to governance, but you have to draw the line somewhere when it comes to civil rights and liberties. So far most people in China seem alright with it, but the worry is that if they ever want to change their government but the government refuses to change, by then it will be too late.
@@bobjones2959 I completely agree with this. I don't trust corpos or govts, it's just my own personal pecking order
Except that China has privacy laws on paper while violating their citizens privacy daily. The Internet monitors monitored private chat conversations between citizens to protest a bank that style their money and turned their health code red to prevent them from getting to the protest site as you need green health code to take any public or third party transportation
great journalism!
Greed, the giant companies, there are no differences from China to west. The only goal of them is making more money whatever they can. Jack Ma, he has Alibaba, TMall, Taobao, Ants..., the first 3 already monoply/big powder on retails(on line), export trade... etc. He wants Ants Group to control and change the Chinese Banking system to suit their advantages. And it could be happen to every area of life. If Chinese government doesn't hammer him at the right time, what will happen? It is quite scare!
Ma is not a real Chinese, he is a whitewashed. Kick him out so he will hind under Biden skirt.
Exactly
Is not just jack ma, Tencent as well. But regardless, in the end is just replacing those CEO’s with their own people. Is mainly about money lmao.
To the ordinary Chinese it doesn’t change lol.
Incredibly fascinating video, in a completely unpretentious style
I love how your videos so different from my typical iphone-pixel-samsung reviews
which can be thinly veiled advertisements
@@protocetid disagreed, watch mrwhosetheboss’ video on phone review ads
Inspiring stuff.
It will be interesting to see what the results will be in comperising to the western model.
This is very quality research and not like other channel plain anti china
As an investor who just love to study tech and even other companies.
China is really very random in there own laws as stated with many tech industry examples in this video.
Most people will think they also don't understand tech completely so make such decisions but when you look at automobile industry they almost collapsed the whole two wheeler market in matter of few years , have absolutely crushed there chemical company years ago, have made many rules that make there metal industry to be the best to worst to best again to worst again.
This just shows how they can give full open hand and make there company world leaders and when they think it is getting out of hand make them even go bankrupt in just a few years.
Many of these decisions stated were not even that new but a normal thing in China.
They really favour what they like just in example they first favour niche chemical and they also ruin then after some years and that make them gain tech and also make comodity chemical be more there as it might create less value but is more important for our life overall.
How much is just bog standard corruption hidden behind a smokescreen of altruistic puffery and how much is actual altrusim?
@@greebj Almost all is just corruption.
China control on its economy is astonishing. But I do support on these uncontrolled capital expansion crackdown. It's so unnecessary to have 5 apps similar to didi or Uber. Also this apply to other industry as well. Overproduction is a thing, after it happen company is force them to sell at lower price and it damage the whole industry. Price war is a bad thing for everyone
@@royk7712price war isn't bad, that's how you get competitive pricing. What's unnecessary is arbitrarily interfering in economic activities that idiots like you and the politicians that you support don't understand and never will. The politicians and their ilk need to be reigned in. All they want is unwarranted power, and they never have enough knowledge, creativity, or intelligence to justify or use that power in any kind of constructive manner.
There also a important information you forgot on Ant group. They were practicing financial crimes similar to what Lehman brothers did in 2008. In another word, China potentially stopped an economic crisis by itself.
I think similar "laying flat" symptom was also present in later stages USSR, as many stopped to see bright prospects in the future.
These changes are actually good for the people and country. No company or anyone should be more powerful than the government. Jack Ma know his place pretty fast.
Cracking on gaming industry is the most important policy for future generation. I lost a lot of my younger years to gaming, and I regret it so much now. Gaming addiction is just as worst as drug addiction. Parents, please be very strict to your kids about gaming, they will thank you later as they get older.
As someone who until recently had a gaming addiction, I agree somewhat, but at the same time, what China is doing is making gaming a Boogeyman, much like how the west started a war on drugs and completely ignored alcohol, similarly, China is ignoring other potentially addictive activities on the internet that aren't gaming such as social media, video sharing platforms etc, etc...
@@mhammadalloush5104 Social media has its own regulations. For example TikTok can only recommend science and other educational content to children 13 - 18. The number of hours is also limited. Likewise pornography is banned.
I'm a long time user of many Chinese software and in the past you'd need to carefully uncheck boxes and even block installations as they auto-install so much bloatware.
Now, all of them are clean, very clean.
I got burnt by these tech stocks. Thanks for the informative explanation, TechAltar. Feel better already knowing why 😅.
So question is whether its time to buy these tech stocks now...
My forever favourite tech channel 🌼
Great video! as someone from China, I find your content really accurate and informative
Wow! Thanks for the explaination.
Wow... very spot on. I fully agreed with your analysis. Is a rare gem that someone able to pick up this. Well done.
Everything China has done in the past few years will pay off in the long run. China will become a more pleasant place to live for it's citizens.
至少会让中国产党的未来变得十分pleasant 😷
@@gaoda1581 Covid Zero will eventually end, and when it does, China will be a lot better off. They will have to suffer for a little while longer, but it will all be worth it.
To say it’s a wild wild East is an understatement. I have yet to find a more entrepreneurial people than the Chinese, who when setting their mind on something will get anything done.
And I think what China is doing should be what every other country should be doing. US is too dominant in certain industries and if China find it dangerous to be too dependent on American technologies, then I can’t imagine how absolutely vulnerable other countries are.
Hi, could you please make a video explaining about *ONDC* of India in bit detail, thanks...!!!
My daughter taught school in China over 20 years ago. Those children are young adults now and are going through these changes.