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Beijing Signals Yearslong Tech Crackdown as Investors Reevaluate China Bets
China's tech crackdown extends far beyond crypto.
Updated Sep 14, 2021, 1:39 p.m. Published Aug 12, 2021, 6:08 a.m.
China's central government issued a five-year plan Wednesday that calls for tougher regulation across industries, signaling that the last few months' crackdown on tech industries that has shaken investors' confidence in the market will not abate any time soon.
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- Key to the crypto industry, the plan calls for more legislation on tech industries and the environment, intensifying law enforcement in finance and ecological management, as well as the "healthy development" of new business models in digital industries.
- Chinese state-run Xinhua News Agency reported the development on Wednesday.
- China, once the world's largest bitcoin mining hub, has been cracking down on crypto mining because of environmental and financial concerns. Miners are moving their operations overseas, primarily to central Asia.
- But Beijing's push to rein in tech industries goes far beyond crypto, and has led global investors to reconsider their exposure to China.
- Share prices for Chinese tech giants like Tencent and Alibaba have been tumbling, and SoftBank is holding back on investing in the country.
- The plan also calls for a nationwide unified law enforcement system using internet and big data: Chinese local authorities have been experimenting with the use of consortium blockchains to integrate government data, including in the field of law enforcement.
Read more: Why China’s Ban on Crypto Mining Is More Serious Than Before
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