Investors have misconstrued China crackdown as anti-capitalist, billionaire Ray Dalio says
Chinese tech and education stocks massively sold off last week after the country continued its crackdown on the tech sector, and stepped up restrictions on its education industry.
The crackdown on the education sector is actually an attempt to reduce inequality in the country, as costs spiral in the huge tutoring and enrichment industry, say analysts. He explained that he was referring to Western observers who have no direct contact with policymakers and "don't follow in detail the patterns of the changes" by the government.
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