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Home VIDEO NEWS FROM AROUND THE WORLD

Why is China cracking down on it's own tech businesses?

by 198 China News
August 15, 2021
in VIDEO NEWS FROM AROUND THE WORLD
2 min read
36
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Derek Scissors from the American Enterprise Institute joins The Trade with Kelly Evans to debate China’s regulatory crackdowns on tech and schooling. There’s going to be a booming tech sector in China, Scissor says, however underneath their very own guidelines. For entry to reside and unique video from CNBC subscribe to CNBC PRO:

Two U.S.-listed Chinese language schooling shares plunged Friday after stories of a authorities crackdown on the sector that included bans on international funding.

TAL Schooling shares tumbled 70.8%. New Oriental Schooling and Know-how shares dropped by 54.2%.

The stories come as Chinese language authorities stepped up restrictions in latest months on the non-public schooling trade, and elevated scrutiny on home corporations itemizing abroad within the U.S.

Caixin, a serious Chinese language monetary information website, reported Friday that new Chinese language authorities restrictions on the schooling sector had been beginning to be applied in Beijing and different cities nationwide.

Copies of the coverage doc had been circulating on-line Friday afternoon.

Academic coaching establishments are banned from elevating cash by means of inventory listings, whereas international capital can not make investments, in response to a duplicate of the Chinese language-language doc seen and translated by CNBC. It was dated July 19 as issued from the highest govt physique — the State Council — and the Chinese language Communist Get together’s central committee.

One of many bans on international funding included variable curiosity entities, a standard construction by which Chinese language corporations use to record within the U.S. Current violations of the capital bans have to be addressed, the doc stated.

CNBC has not independently verified the doc. The Ministry of Schooling didn’t instantly reply to a faxed request for remark exterior of Beijing enterprise hours.

A coverage doc of the identical title — referring to decreasing prices for after-school tutoring — was amongst 5 authorised at a Could 21 assembly chaired by Chinese language President Xi Jinping. The model circulating Friday banned after-school tutoring companies from promoting, and stated they may not function throughout public holidays, weekends and winter and summer time holidays.

New Oriental Schooling declined to remark to CNBC, and TAL didn’t instantly reply to a request for remark.

The inventory plunges adopted sharp declines for schooling shares traded in Hong Kong, which started to drop within the afternoon.

Shares of New Oriental’s Hong Kong-listed subsidiary Koolearn fell 28% on Friday.

UBS analyst Felix Liu stated in a be aware Friday the agency was placing its rankings on TAL, New Oriental and Koolearn underneath overview “given the potential substantial impacts to fundamentals and the reported regulation pending official affirmation.”

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Tags: businessesChinachina newschina news englishchina news todaycrackingglobal newsglobal news todayglobal trade news 2021global trade news todayit39stechtrade news chinatrade war news chinaworld china newsworld news china and us
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Comments 36

  1. Robert Smart says:
    2 years ago

    China is “preventing capital from expanding in a disorderly fashion,” which led to the USA 2008 world financial crash!
    "The Chinese state guides capital and private entities towards what it believes are national strategic priorities, rather than allowing them to simply focus on generating greater revenue."
    Jack Ma of Alipay & Ant thought he could prioritize profit, he was told this is not the Chinese way!
    Perhaps the US Government needs to outsource re-education of US corporate bosses to China and divert the obscene profits they make plus most of the overblown US defense budget to lifting Americans out of poverty and repairing the crumbling infrastructure in the USA?
    President Xi Jinping was sent to work on a farm in the country in his youth to rid him of his political delusions.

    Reply
  2. -- says:
    2 years ago

    real short answer: all must die until 3 babies are born.

    Reply
  3. Thomas says:
    2 years ago

    Well the purpose of getting companies rich for China is to strengthen the CCP not dismantle it. The money needs to flow to the CCP controlled companies so it won't have challenges. Just was the same as the meager process between private and public/state owned companies in 50's in China. So economy was to be controlled by the gov.

    Reply
  4. Peter Roberts says:
    2 years ago

    The US should learn some government regulation. The monopolies will not be allowed.

    Reply
  5. royalmontpark says:
    2 years ago

    Prolly 4 people are shot to death while I am writing this message, lol, that's Murica

    Reply
  6. hj Lee says:
    2 years ago

    tech companies they put govt money to real estate, not developing their techs

    Reply
  7. McLean Blades says:
    2 years ago

    Like NBC – CNBC has substantial fake news. They make it out to sound as if the Chinese are foolish not to accept foreign investment.. What's missing is a big picture view that includes Huawei, WeChat and Tiktok. An unbiased point of view would consider the Chinese perspective which is – Why shall we we allow Western investment? ( CNBC – sort of like a predatory lender – assumes Western investment would be good. It's not.)

    Reply
  8. Jinjung Kim says:
    2 years ago

    CCP will be destroyed.

    Reply
  9. Free Style says:
    2 years ago

    Tutoring sector live or die we don't care. This is pretty over the the top to just talk so fast.
    I think you need to talk with Chinese sometimes, you know it will help you to understand China.

    Reply
  10. Hongsta2285 says:
    2 years ago

    In short ccp is trash

    Reply
  11. Wenliang Zhang says:
    2 years ago

    Hope all people in your country could be as smart this commentator. 👍

    Reply
  12. Hüseme Erbolat says:
    2 years ago

    YERLERİN VE GÖKLERİN VE HERŞEYİN SAHİBİ YÜCE ALLAH çin doğu Türkistan kardeş lerimizi zülmeden zalim bir terör ve işgalci terör örgütü çin yok olmaya mahkumdur ALLAHIN İZNİYLE zalimler için yaşasın cehennem

    Reply
  13. choisam Won says:
    2 years ago

    Big US tech companies are not good models for the world. Allowing uncontrolled big tech companies are too wrong !

    Reply
  14. love&peace says:
    2 years ago

    The Chinese government is trying to level the playing field. It's good for competition & for the long run.

    Reply
  15. Panda Digital Love says:
    2 years ago

    The mass benefits from regulating these tech monopolies. Competition creates jobs.

    Reply
  16. R.Y. says:
    2 years ago

    *its

    Reply
  17. Anthony Yee says:
    2 years ago

    This is what a good government should do… to ensure the welfare of the people & national interest are not over exploited by private enterprises before it get out of hand.

    Reply
  18. lo chi says:
    2 years ago

    You still thinking China is a country want to rich? It is A communist country! You greedy stupid analyst!

    Reply
  19. Ricky Ho says:
    2 years ago

    Why are they doing it ? Why is the USA pocking it nose into HK or Taiwan? Taiwan is US microchip NOT about other things

    Reply
  20. KS says:
    2 years ago

    Start-up and Fintech are unregulated in most of the countries. China wanted to regulate those. kuaishou has -60%. I think just wait, it will bounce back once it settles

    Reply
  21. David Li says:
    2 years ago

    Amazon makes billions of dollars each year while paying ZERO corporate tax. Way to go in America!

    Reply
  22. yang 222 says:
    2 years ago

    Na china is looking to make space for hard tech like semiconductors . Hard tech is what will make China great not a bunch of facebooks .

    Reply
  23. Peter Li says:
    1 year ago

    Usa used to crackdown Microsoft Google atnt.

    Reply
  24. Peter Li says:
    1 year ago

    Anti monopoly.
    Sound familiar? Its invented by USA.

    Reply
  25. Fred Pohl says:
    1 year ago

    Why do we only get advice about China from USA writers? We want advice from Chinese people as well.

    Reply
  26. Wang Joey says:
    1 year ago

    I am Chinese. I think Xi cracked down the tech companies because he didn’t get as much as his colleagues like former Chairman Jiang. He only got money from publishing his Xi doctrine books.

    Reply
  27. Shin-Ra says:
    1 year ago

    4:10 Sad Laptop, only black screen and dekstop idle and sitting for nothing …. and yet the cameramen being focus on laptop.

    Reply
  28. Iron Anchor says:
    1 year ago

    Soon after the Renaissance, the bankers realized they need to control the world starting with Europe. They knew they won't be accepted as royals of nations by the people. So, they created chaos and brought down sitting royals, and then gave people fake-democracies they controlled by their money, media and shill-politicians. They made bribing politicians legal. They control media to maintain control on the direction of politics and elections.

    Reply
  29. Iron Anchor says:
    1 year ago

    At least China has executed the execs who played with children's lives (I think last was a baby formula case). In the US, the corporate walks away by paying few paltry percent of their profits and execs who knew dangers and still caused many deaths are never punished. A corporation doesn't make wrong decision to put profits ahead of lives, it is the officers who make such decisions for own gain.

    Reply
  30. mingmedia says:
    1 year ago

    So far, no one can really explains convincely this mysterious development. Trump tried to crackdown Chinese Tec companies without much success. But how can we explain now Chinese government are doing it. Something strange and significant to world economy is happening in China. Surely, it is more than just Xi wanting big Tec to follow party line.

    Reply
  31. Ronald McDonald Trump says:
    1 year ago

    Real reason they dont want the corporations to be tooo big to handle

    Reply
  32. Derek Lai says:
    1 year ago

    The only rule in china is nothing can be bigger (or potentially can be bigger) than the CCP, everything else is just smoke.

    Reply
  33. Helen Jane says:
    1 year ago

    Mrs Stella mark is legit and her method works like magic I keep on earning every single week with her new strategy

    Reply
  34. Krunal Raghavani says:
    1 year ago

    Invest in India 🇮🇳 for democracy and peace 🙏

    Reply
  35. Malus Darkblade says:
    1 year ago

    Why, because these companies are sucking on the teet of western stock markets and NOT the Chinese government teet. Control is a function of were and who feeds you. China must maintain control at all cost.
    It also enable the rich CEO's to have their wealth overseas.

    Reply
  36. Malus Darkblade says:
    1 year ago

    Not a single US investor owns (in the wester sense of law) directly stock in a Chinese listed company, that operates in mainland China.

    So what exposure are investors exposed to….well not what they think they are exposed to.

    Reply

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