China is "cooling" certain sectors, to spur growth in physical tech and manufacturing. This is where the future power is - not in social networks and ad sales, it's in stuff. Just look at what happens when we can't manufacture our own chips. Car factories halt. Personal computing prices spike. Military tech sputters.
China is doing what the U.S. would normally do in an effective anti-monopoly action, if our system was not broken and the government not bought with its guts by billionaires floating in tax-cut windfall.
Now we have entities that have more legal resources than the government, which is a recipe for disaster (and runaway legalized corruption).
China sees what happens when you let money run loose through power structures, and it does not want the same fate.
China is doing what the U.S. would normally do in an effective anti-monopoly action, if our system was not broken and the government not bought with its guts by billionaires floating in tax-cut windfall.
Now we have entities that have more legal resources than the government, which is a recipe for disaster (and runaway legalized corruption).
China sees what happens when you let money run loose through power structures, and it does not want the same fate.