Trimming risks, or overreach?

THIS WEEK’S TOPIC: How do you see the impact of China’s tech crackdown?

It really depends on what the crackdowns are focused on. There are two aspects to the clampdown. On one hand, the tech companies have been fined or reprimanded for violating censorship, regulatory and data protection rules. This is good. On the other hand, the fines were also due to anti-monopoly laws to tighten control over their industries. This is the part that I disagree with.

The global economy is already well into the fourth industrial revolution, with AI, the Internet of Things, robotics, blockchain, et cetera, on the rise. The collective force of these industries will continue to produce many products and services that will become indispensable in modern life.

If the crackdown is driven by the need to tighten control over monopolistic practices, it will run counter to the drive for innovation and discourage brilliant entrepreneurs from democratising the markets. That would put us down the path of regression instead of progression.