[russli1993]

not really. Chinese government was regulating specific behaviors of companies, all are legit concerns, not against the companies themselves. Example: companies fighting each other using monopolistic tactics that doesn't bring benefit for anyone (Tencent music locking exclusive rights, Taobao forcing sellers for exclusivity, Taobao can only use Alipay). Online lending coupled with financial instruments (Alipay giving out loans to anyone without credit checks and using asset-backed security scheme to massively increase amount they can lend out (ABS is cause of US 08 financial crisis, controlling this in 2020 might have avoided a systematic crash this year due to housing problems).

All other activities are fine, and specific areas basically are real tech are very much supported, eg, semi, semi equipment, chip design, EDA, etc. Chinese gov are saying instead of thousands of smartest phds trying to figure out how to play financial games, get them to build the lithography machine, cuz the latter creates real economic value.