Opinion
China threatens its own future by stifling its tech giants
The tension between state control and the animal spirits of China’s private sector raises serious doubts about the economy’s ability to keep growing
Stephen RoachAsia watcherWhen it comes to the Chinese economy, I have been a congenital optimist for more than 25 years. But now I have serious doubts. The Chinese government has taken dead aim at its dynamic technology sector, the engine of China’s new economy.
Its recent actions are symptomatic of a deeper problem: the state’s efforts to control the energy of animal spirits. The China Dream, President Xi Jinping’s aspirational vision of a “great modern socialist country” by 2049, could now be at risk.
Project Syndicate
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