China Unleashes Financial Tech Crackdown By Ethan Yang

This fintech crackdown could be emblematic of China’s authoritarian growing pains and it remains to be seen if they will even be able to balance economic progress with political control. This move will certainly have consequences for short-term investment and economic growth in China. Perhaps this is how the free world breaks China’s authoritarian model, by forcing them to increasingly compete on the open market or risk sliding into irrelevance.