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2021 will be remembered as the year China cracked down on Big Tech.
The momentum began late last year when the Chinese government passed new antitrust guidelines curbing the growth of national giants Alibaba, Ant Group, and Tencent following years of a more laissez faire approach.
China then intervened to block Ant’s potential record-breaking $34 billion IPO.
In April 2021, it fined Alibaba $2.8 billion for alleged anticompetitive practices.
In the same month, officials issued a warning to 34 of China’s largest internet companies, demanding they cease monopolist practices or face a similar fate to Alibaba.
Sentiment of Consumers in Select Countries Toward the Impact of Privacy Laws, June 2020 (% of respondents)