The regulatory storm and uncertain implementation are roiling markets and could face calls for moderation
Chinese president Xi Jinping. File photo: REUTERS/JASON LEE
“The difference is that campaigns under previous leaders were not nearly so effective,” said Richard McGregor, senior fellow at the Lowy Institute in Sydney and author of a prominent book on China’s ruling Communist Party. “Xi, however, is far more powerful. When he launches a campaign, it is implemented zealously by officials, and the fallout is global.”
Last week, jittery investors dumped shares in vaping firms, chemicals makers, growth hormone stocks and distillers as they pored over state media stories and government websites for clues to the next target of government action. That came after a state media story labelling online games “spiritual opium” triggered a sector sell-off, even though no rules had changed.The crackdown on Didi over data security came just days after its New York share sale, underlining the regulatory uncertainty.
“Today you still have this consultative process, but one gets the sense that it’s a lot faster,” said Shih.
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