Xi Jinping’s Capitalist Smackdown Sparks a $1T Reckoning

I feel like investing in market pathologies has become too common and modern democratic governments are far too slow at doing there roles and curbing such behaviour.<p>Bitcoin is the obvious example of something that should have been banned years ago (and all proof of work crypto), but there are so many examples coming up daily, if there was ever any faith in institutions it&#x27;s eroding quickly, and once you remove that you accelerate the pathologies (people start acting like anything goes) and society starts to destabilise.

Interesting counterpoint to say the least:<p><a href="https:&#x2F;&#x2F;www.newstatesman.com&#x2F;world&#x2F;asia&#x2F;2021&#x2F;07&#x2F;west-isn-t-dying-its-ideas-live-china" rel="nofollow">https:&#x2F;&#x2F;www.newstatesman.com&#x2F;world&#x2F;asia&#x2F;2021&#x2F;07&#x2F;west-isn-t-d...</a>

I can&#x27;t imagine Xi is thrilled with this. More likely: zealous deputies, looking ahead to next year&#x27;s National Party Conference, are looking to curry favor and build their resumes. When everyone is simultaneously dialing it to eleven in a zero-sum game, fuckups are almost assured.

I feel a bit too far removed from this, so my comments might be a bit too curious without considering other perspectives (aka I am a bit naive on this topic).<p>With that said:<p>Global investors are getting squashed. But there must be global investors who shorted these stocks or bought put options. Why aren’t they covered in this article?<p>I’m missing nuance on the investment side. From a political standpoint, I want to follow this more closely. I can imagine that the west might take some inspiration on how to deal with big tech.<p>Armchair investor and my political pedigree is “I vote” (aka a total commoner).

In America, politicians are controlled by billionaires. This comes at the cost of national interest, given that winner-takes-all systems are gini coefficient maximizers.<p>In China, politicians control billionaires. At least in theory, especially given how much the Chinese political establishment is attuned to the needs of the Chinese commoner, this does protect the national interest.

interesting that the lifting of the children number restriction coincides with the attack on the &quot;three mountains&quot; - education, healthcare and housing costs - which are significantly related to the size of the family.

It is so interesting to see the CCP try to navigate the dichotomy between state planning and free markets. Trying to make diametrically opposed systems play together. I would even be rooting for them if it wasn&#x27;t for the complete disregard for human life, personal liberties and all the fucking genocide...

&gt; Call it progressive authoritarianism.<p>That’s a terrible term. Bloomberg already has a bad history of journalism, but appreciating Authoritarianism is a new low

<a href="https:&#x2F;&#x2F;archive.is&#x2F;Lw3Lm" rel="nofollow">https:&#x2F;&#x2F;archive.is&#x2F;Lw3Lm</a>

<a href="http:&#x2F;&#x2F;archive.today&#x2F;2021.08.02-054731&#x2F;https:&#x2F;&#x2F;www.bloomberg.com&#x2F;news&#x2F;features&#x2F;2021-08-01&#x2F;china-tech-crackdown-communist-party-policy-changes-behind-1-trillion-selloff" rel="nofollow">http:&#x2F;&#x2F;archive.today&#x2F;2021.08.02-054731&#x2F;https:&#x2F;&#x2F;www.bloomberg...</a>

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&gt; 22-year-old motorbike courier Mr. Tang complains about the lack of medical insurance. “There’s nothing I can do about it if Meituan doesn’t pay for it,” he added. “The wealth gap between people in this society is too big”.<p>People should stop calling China a communist state, when isn&#x27;t. If they we are truly communist, not will be medical insurances or a &quot;entrepreneur&quot; driving it. It would have a public medical system that cover everything, and the business would be driven by the workers of it.<p>However, that they hit hard on private education, it&#x27;s a good step. Private education never should allowed to exists. Only a quality public education system can give access to good education to everybody.

They failed to realize the root cause of all these after school tutoring.<p>There are just not enough proper schools for them to attend. They have to compete for the spot to get an education. And all these elite colleges&#x2F;high schools are located in Beijign, Shanghai, etc. They usually take in local students first.<p>So you see the problem. They will always be some form of private tutoring as long as there are immensive competition for basic education.

The native citizens will come to HN and offer some rationalization. The non citizens will offer others. The reason is very simple. The dictator is paranoid about losing control and getting killed. Simple as that

This article is pretty ridiculous and lazy.<p>&gt; After 40 years of allowing the market to play an expanding role in driving prosperity, China’s leaders have remembered something important — they’re Communists.<p>China isn&#x27;t a true communist state and hasn&#x27;t been for a while. Yet the author feels the need to dunk on this straw man and defend capitalism and venture capitalists who lost money in the tutoring crackdown. The muddy Shanghai construction photo is a nice touch too.

I can see why hackernews was (is?) banned in china. You guys see nothing but negatives in any policy decision that comes out of there. Sure there are some power struggles, sure there&#x27;s a powerful cadre of billionaires who own the politics of the country but aside from the pretty disgusting issues with the Uighurs I would consider china up there with Norway in terms of country development.<p>If you just contrast what Xi is orchestrating vs what&#x27;s happening in the US with open eyes, you&#x27;d see that maintaining the status quo is impossible. We&#x27;re too fat and complacent and there are too many leeches on government spending. This is the holy shit kind of article that made me realize we&#x27;re going to lose our place on top. I don&#x27;t even know how to help stop it.

In the era of wiki&#x2F;scihub&#x2F;libgen, the whole tutoring industry is worthless. They are just making easy money taking advantage of information asymmetry. Generally, easy money will not be allowed in China.<p>Edited: I&#x27;m talking specifically about Chinese tutoring industry. One comment below gives a very detailed description, which perfectly explains why I think it&#x27;s worthless. We are all in the process of a revolution initiated by wiki&#x2F;scihub&#x2F;libgen. Whether agree with me or not, you are welcome.