Politics

China’s Bid for Global Tech Supremacy Takes a Little Leap Forward

Photo Illustration by The Daily Beast

HONG KONG—There are examples of Chinese companies developing rare, amazing technologies that we might call stellar, and with reason. Take the Long March 6 rocket as an example. It was developed by a state-owned enterprise for China’s space program, and has been used in two missions since 2015. But it will see much more action in the coming months, as a Buenos Aires-based company will launch 90 satellites into orbit using the Chinese rocket.

Tech firms in China—whether state-owned or privately operated—are good at wooing foreign investors and clients, and the Chinese Communist Party now wants a bigger cut.

Earlier this month, officials announced rules for some changes in the Shanghai Stock Exchange. Following a plan put forward by President Xi Jinping two months ago, Shanghai will have a tech board that allows early-stage startups to file for initial public offerings before they are profitable, reducing some of the power of regulators that oversee the listing process.

Read more at The Daily Beast.




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