Update: Dec 31 2021 23:24 STI
Beijing [China], Dec.31 (ANI): Chinese streamers have harnessed e-commerce, social media and the power of personal stars to fuel the rise of a multi-billion dollar industry in recent years, but influencers are now the targets of Chinese President Xi Jinping’s “common prosperity” campaign, a sweeping crackdown that brings celebrities and internet companies to heel in the name of tackling inequality.
Part of the regulatory blitz that has ensnared tech companies, private guardians and others, the campaign targeting live streamers isn’t just about showing internet newbies who’s boss, according to the Washington Post.
“Common prosperity” is a sweeping crackdown that brings celebrities and internet companies to heel in the name of fighting inequality.
In addition, it is also an effort to inject ideological rigor into the new economy after years of explosive growth and to exert more control over industries that thrive under the Chinese President’s economic vision. Xi Jinping.
But the emphasis on getting people to buy as much as possible is at odds with Xi’s campaign, which calls for redistributing wealth and promoting sustainability.
Regulators are also simultaneously targeting internet giants on competition, privacy and cryptocurrency issues, according to the Washington Post.
Xi’s common prosperity goal is scratched by big business on the ground, defying the logic that China has become an economic superpower over the past two decades based entirely on public-private partnership.
Hyper-consumption and displays of wealth are discouraged. The crackdown also signals a change in the authorities’ attitude towards the industries to be promoted in order to improve the country’s competitiveness.
China’s tech industry fears the crackdown is linked to tighter control over consumer and government data and the government’s reaffirmation of authority over the private sector while humiliating the growing number of tech billionaires.
Additionally, the crackdown on a celebrity internet industry underscores another government target: those the ruling Communist Party considers to have too much influence. (ANI)