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Replies to post #73585 on Abet Chichi2 (Chichi2)
07/28/21 7:59 AM
As we head into this August-October target, it is worth the note that the NASDAQ had a panic cycle in July compared to the Dow which is August. China’s internet ministry has launched a new nationwide campaign to purge what it deems problems in the internet industry, which has been battered for months in an almost continuous crackdown from different government bodies.
The Ministry of Industry and Information Technology (MIIT), China’s top government body responsible for regulating the tech industry, has begun a six-month campaign to address the “tough problems” of the internet industry, including disturbing market order, infringing users’ rights, threatening data security and unauthorized internet connections, the ministry said in a notice published to its website on Monday. China is not happy with the power the Democrats have given to the BigTechs and we will see other countries target Facebook, Twitter, and Google where their US immunity will not prevail.
China's campaign against BigTech will target 22 specific scenarios, including apps that do not allow users to opt-out of personalization, use pop-ups to mislead or deceive consumers, do not encrypt sensitive information when transmitting data, and provide data to third parties without user consent, the ministry said. Indeed, it will also crackdown on blocking and restricting normal access to other websites without a legitimate reason which is going after this cancel culture.
The strict measures against these irregularities, common in China, could have a far-reaching impact on the business models and profits of not just Chinese internet firms, but this has the risk of spreading like a contagion against BigTech in the USA...
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