China’s Big Tech: From Free Development to Strict Regulation

... local authorities, but for some national regulators as well. This, in particular, explains the apparent lack of coordination between the People’s Bank of China and the China Securities Regulatory Commission. The latter approved the IPO of Ant Group, Alibaba’s financial technology subsidiary, in record time, while China’s Central Bank saw this IPO as a source of systemic risks for the stability of China’s financial system. It would, however, be a mistake to suppose that preferences and subsidies granted by the state ...