Re:China plans to break up Ant's Alipay and force creation o...
by dirtyid on Monday September 13, 2021 @05:01PM
(#28516823)
>then people who have the will, skill and capital to start financial services will rather do that elsewhere, where they have larger chances of a positive outcome for them.
Dan Wong, one the more competent China tech watchers surveying local entrepreneurs on current crackdown: "They would love to have the problems of Jack Ma" because it means they've made it really big.
China isn't a dinky market, the incentives are massive, founders will settle being 100s millionaires instead of billionaires if that's the size that keeps regulator scrutiny at bay. Also the fact that PRC is willing to break incumbents via regulatory crack down is creating opportunities not seen in markets effectively captured by huge players.
> rather do that elsewhere
Instead of "elsewhere", it's really about "do something else". PRC doesn't consider draining the best and brightest into a massive service blackhole like adtech or fintech worthwhile. It's crushing incentivization structure of soft tech to make hard tech more appealing. Beijing wants semiconductors and turbojets that can eventually be exported world wide, not a more profitable ANT pyramid scheme that will likely be a drain on domestic market.
Dan Wong, one the more competent China tech watchers surveying local entrepreneurs on current crackdown: "They would love to have the problems of Jack Ma" because it means they've made it really big.
China isn't a dinky market, the incentives are massive, founders will settle being 100s millionaires instead of billionaires if that's the size that keeps regulator scrutiny at bay. Also the fact that PRC is willing to break incumbents via regulatory crack down is creating opportunities not seen in markets effectively captured by huge players.
> rather do that elsewhere
Instead of "elsewhere", it's really about "do something else". PRC doesn't consider draining the best and brightest into a massive service blackhole like adtech or fintech worthwhile. It's crushing incentivization structure of soft tech to make hard tech more appealing. Beijing wants semiconductors and turbojets that can eventually be exported world wide, not a more profitable ANT pyramid scheme that will likely be a drain on domestic market.