Crypto ban notwithstanding, China’s getting firmly in the act of building Web3 infrastructure to its specifications. While China is unlikely to allow global Web3 to play a role in its economy or the lives of its citizens, Chinese developers and entrepreneurs remain fascinated by the promise of global Web3 platforms and cryptocurrencies. This portends the development of two blockchain markets in China: one which caters to those who “jump” the virtual fence to join in the global Web3 movement, and one which uses blockchain in line with Beijing’s vision.
China is known for using cyber weapons to pursue geostrategic goals. In recent years, entities linked to the Chinese state have carried out alleged economic espionage of commercial firms in Southeast Asia. The region is increasingly vulnerable as it is home to some of the most rapidly growing knowledge-intensive sectors in the world. To help themselves, Southeast Asian governments should be more proactive in discussing the threat of economic espionage with foreign states and committing to norms of responsible state behaviour in cyberspace.
With the economic and political blowback from its regulatory crackdowns in the past two years, coupled with economic pressures from the pandemic, the Chinese authorities may be ready to ease up on high-pressure regulations of the internet sector.
Leaked data from one platform company may not pose a major national security threat, but data from multiple platforms combined might, warns technology specialist Yin Ruizhi. As countries become more wary of internet security risks, it will be increasingly difficult for platform companies to get listed overseas. What is the alternative then?
Han Yong Hong takes stock of the bruised feelings and sensitivities that have been stirred up in a sideshow to the CCP’s recent 100th anniversary. Whether it is a “lone wolf” attack in Hong Kong, Didi’s fate or Sony’s misstep, nationalist netizens are quick to “correct” wrongdoings that hurt China or its feelings. All this just makes one feel a greater need to walk on eggshells. Looks like doing business in China just got trickier for foreign and domestic companies alike.
If being removed from app stores is not enough, ride-hailing giant Didi is making the headlines for another debacle. COO Jean Liu; her father, Lenovo founder Liu Chuanzhi; and her grandfather, the late patent lawyer Liu Gushu, are being vilified on Weibo for alleged misdeeds and being “traitors to the country”. Amid tense US-China relations and domestic nationalism in overdrive, will internet giants like Didi be easy targets and buckle under the pressure? Zaobao’s China Desk files this report based on various Chinese media sources.
China’s online ride-hailing company Didi Chuxing was listed in the US on the eve of the Chinese Communist Party’s 100th anniversary, only for the authorities to announce a cybersecurity investigation into Didi just two days later. Along with other actions taken against major companies such as the Ant group, Zaobao correspondent Yang Danxu asks: Is there a political message for Didi and other companies?
Shortly after Chinese ride-hailing app Didi launched its IPO on the NYSE, the Chinese authorities announced that the company would be subjected to a cybersecurity review. Didi had earlier kept a low profile, knowing its listing was a risky move. But few expected the company to take its first hit from China and not the US. Could this be China’s way of discouraging homegrown firms from passing their profits to foreign investors? Yu Zeyuan reports.
With the conclusion of the 1st ASEAN Digital Ministers Meeting (ADGMIN) last month and the series of digital policies introduced, ASEAN is ready to move forward on building an integrated digital economy. Even as ASEAN aims to become an important player in the digital global value chain, there are areas where China and ASEAN can work together to achieve a win-win situation. Professor Zhai Kun of Peking University and Yuan Ruichen, member of the research group of the BRI Big Data Innovation Experimental Project, suggest cooperation in areas such as building smart cities, cybersecurity and digital governance.