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US and China are now battling for control of the world’s big-data monsters and dragons – and it’s not about money

13 2 1
30.08.2021

When Didi Chuxing, China’s ride-hailing giant, launched its mega US IPO earlier this summer, it seemed like the perfect statement of what China hoped to achieve: a mega successful firm drawing in billions in foreign capital to propel its way upwards as a global brand.

Listing in New York City was the firm statement that the Beijing-based company had “made it” on the world stage, right? Despite the Trump and Biden administration unleashing a litany of “investment bans” targeted at Chinese companies of strategic interest which would force some firms to delist, Didi was standing strong, and the moaning of hawkish US senators like Marco Rubio, who objected to it, were seemingly dismissed as an irrelevance.

One might be forgiven for thinking that, in the midst of the US-China tech war, in which the US has sought to block the rise of Chinese technology and software on the global stage, this is precisely the kind outcome Xi Jinping wanted. A firm statement of China-led globalization, against the inwards and isolationist US, so lacking in confidence that it wanted to push Beijing out. Not quite.

It's staggering to think with the massive regulatory crackdown by China's ruling party against big tech, that somehow Beijing and Marco Rubio are in fact, on the same page here.

Both don’t want Chinese firms to list in the US and both see it as a threat to “national security” (albeit from different angles). Just about two days after the stock made its US debut, Beijing ultimately responded by ruthlessly purging Didi and........

© RT.com


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