Who will win?
“Shares of Chinese companies listed in the US have seen their biggest two-day fall since the 2008 financial crisis.”
China’s government is coming down hard not just on Big Tech (which has been ongoing for several months) but also Big Education. Xi Jinping is clearly trying to restore some kind of Marxist, anti-profit anti-speculation mantra and he’s doing it by hitting China’s largest companies.
But Marxism isn’t confined to China as Joe Biden clearly has a taste for it too, with his albeit slower push to break up US Big Tech. I bet he wishes he had the authority of Xi Jinping — then he wouldn’t have to mess around appointing antitrust zealots to lead agencies, putting a coherent consumer welfare argument to a judge, and so on.
But when you tear back the institutional protections that exist in the US, there isn’t much difference between Biden and Xi: both are determined to split up their respective country’s most productive firms to score cheap ideological points, consumers be damned.