A plethora of seemingly random interventions by the Chinese Communist Party (CCP) into China’s private sector has sent Wall Street into a tailspin, leaving many investors, in Taiwan and abroad, questioning whether Beijing is still committed to its post-Cultural Revolution embrace of capitalism and free markets.
The moves have included a crackdown on billionaires and homegrown technology giants, limiting video game time for people younger than 18 to three hours per week, closing private and online education enterprises, purging “morally corrupt” celebrities and the planned censorship of “unhealthy” karaoke songs.