China to fix anticompetitive practices in tech
China continues to combat large tech companies for at least another 6 months. The goals of the tech-crackdown is aimed at preventing them from abusing their power over the market.
China’s largest tech firms are about to have an even tougher time competing on home turf, thanks to a recently-introduced rectification program that aims at reigning in such giants as Tencent Holdings, Alibaba Group and Baidu Incorporated, among others.
All of whom seem intent on dominating every facet of Chinese life with near impunity since they were born here decades ago under communism before Western competition arrived or was allowed into China’s markets after Beijing formally embraced reform more than three decades ago.
Joe Biden’s executive order to delist Chinese companies
The US government has announced that the major indices will remove more Chinese companies in order to follow Vice President Joe Biden’s orders.
In an effort to protect American interests, former Vice President Joe Biden expanded Donald Trump’s order that prohibited Americans from investing in any company with connections (or even potential ties) to China’s military. Biden’s order increased the number of blacklisted Chinese companies to 59.
Top fund manager: EV stocks offer shelter from tech crackdown
According to Mr Xiong, one of China’s top fund managers, policy support for the EV industry sets it apart from other tech plays, making it a safer bet amid anti-monopoly measures.
Companies like this are supported by incentives and other policies to increase adoption rate among the Chinese people. This supports helps set these companies out as one of few safe bets among these unstable market conditions.
Don’t worry guys – this is just a temporary setback in an otherwise unstoppable trend that will inevitably lead us all upward! In spite of everything else going on around them, EV stocks are providing shelter from once a again regulatory crackdown by Beijing.